Which element is NOT a key component of a project risk management plan?

In the context of a project risk management plan, performance evaluation is not considered a key component specifically related to managing risks. A project risk management plan primarily focuses on identifying, analyzing, responding to, and monitoring risks throughout the project lifecycle.

Risk monitoring involves continuously tracking identified risks, monitoring residual risks, and identifying new risks that may develop. This process ensures that the project remains on track despite uncertainties.

Risk analysis is another critical aspect where potential risks are assessed in terms of impact and likelihood, helping prioritize which risks to address. This analysis is essential for informed decision-making regarding the project.

Risk response planning outlines how to address identified risks, including strategies to mitigate, transfer, accept, or avoid them. This proactive planning is fundamental to reduce the likelihood of negative impacts on the project.

While performance evaluation is important in assessing the overall success of a project and ensuring that objectives are met, it does not directly fit within the framework of a risk management plan, which is specifically centered on handling uncertainties and potential project threats.