What is the purpose of a risk management plan in event planning?

A risk management plan is essential in event planning as it serves to identify potential risks that could disrupt the event and outlines strategies to mitigate those risks. This proactive approach helps event planners assess what can go wrong, from logistical issues to safety concerns, and allows them to create contingency plans to address these challenges. By anticipating risks, planners can put appropriate measures in place, ensuring the event runs smoothly and safely.

The other options, while important aspects of event planning, do not specifically address the purpose of risk management. Organizing a budget, scheduling a timeline, and promoting the event are all critical components of a successful event, but they do not focus on identifying and managing potential risks associated with the event effectively.