Final answer:
The proper place to document the process for carrying out product risk analysis as part of each iteration on an Agile project is within the 'Approach of testing' section of a test plan.
Step-by-step explanation:
When defining the process for carrying out product risk analysis in an Agile project, this should be documented within the Approach of testing section of a test plan.
This section is designed to outline the overall testing strategies, tools, and methodologies that will be used throughout the development process.
In the context of Agile projects, where iteration is key and risk analysis is iterative in nature, documenting the process of risk analysis here ensures that it is integrated with the testing strategy and that it adapts to evolving project risks over time.
Part of managing a project from beginning to end involves setting up test methods, which falls under the responsibility of the 'Approach of testing' section.
The documentation provides guidance for both current and future team members on how to approach the risk assessment in each iteration, making sure that the product testing is comprehensive and reflects project objectives and customer requirements.