Term
|
Definition
| A process by which a group of people attempt to find a solution to a problem or generate ideas towards a goal spontaneously without judging others in the group |
|
|
Term
|
Definition
| Compensation in the planning for unknown items that could occur; typically schedule or cost-related |
|
|
Term
Contingency Reserves
(Output/Input) |
|
Definition
| Reserves that can help mitigate schedule or cost issues (risk), in the case of changes with the scope or quality on the project. |
|
|
Term
Expected Monetary Value (EMV)
(Analysis) |
|
Definition
| the product of multiplying the monetary value impact and probability of the risk event. |
|
|
Term
|
Definition
| A technique used to stimulate the outcome of a project many times to determine the range of possible outcomes and the probability of their occurrence. |
|
|
Term
| Quantitative Risk Analysis |
|
Definition
| The process of measuring the probability and impact of the risks and estimating the impact on the project. |
|
|
Term
|
Definition
| Compensation in the planning for unknown items that could occur, typically schedule- or cost-related; also commonly called buffer |
|
|
Term
|
Definition
| The possibility of a negative (threat) or positive (opportunity) event (it can also be same definition as Risk Events) |
|
|
Term
|
Definition
| Possessing a low desire or tolerance for risk. |
|
|
Term
| Risk Breakdown Structure (RBS)(Tool) |
|
Definition
| A decomposition of the risk categorization, and the risks within those categories that could occur on a project. |
|
|
Term
|
Definition
| Events that may impact the project (either negative or positive) It can also be the same definition as Risk. |
|
|
Term
|
Definition
| Minimizing the impact of a risk event by minimizing the likelihood (probability) of its occurrence. |
|
|
Term
|
Definition
| A middle ground between the risk taken and the benefit received. |
|
|
Term
|
Definition
| Possessing a higher tolerance than most for risk. |
|
|
Term
|
Definition
| Characteristics which indicate that a risk event is possibly starting to happen. |
|
|
Term
|
Definition
| The level of satisfaction from a potential risk payoff. |
|
|
Term
|
Definition
| The level of satisfaction from a potential risk payoff. |
|
|
Term
|
Definition
| Risks that result from the execution of a risk response. |
|
|
Term
| Strengths, Weaknesses, Opportunities and Threats (SWOT) Analysis |
|
Definition
| A risk analysis technique which considers the strengths, weaknesses, opportunities and threats of the project to facilitate a more knowledgeable risk management analysis. |
|
|
Term
|
Definition
| A response to a risk that wasn't planned. |
|
|
Term
|
Definition
| Compensation in the planning for unknown items that could occur, typically schedule- or cost related. |
|
|
Term
|
Definition
| Pre-established actions that the team executes if a known risk event occurs on the project. |
|
|
Term
| Decision Tree Analysis (Technique) |
|
Definition
| The product of multiplying the monetary value impact and probability of the risk event, helps an organization make decisions based on potential outcome and impact/ |
|
|
Term
|
Definition
| A type of plan created for risks with a great impact on project goals,to be executed if attempts to minimize the risk are not successful. |
|
|
Term
|
Definition
| Documented activities to execute if needed that should minimize (or eliminate) the impact of a negative risk on the project. |
|
|
Term
| Probability and Impact Matrix (Tool) |
|
Definition
| A tool used to determine where a risk fits on a project. The typical rating is high, medium, or low for probability and impact. |
|
|
Term
| Qualitative Risk Analysis |
|
Definition
| Analyzing risks and determining the priority of their effects on the project. |
|
|
Term
|
Definition
| Risk that remains after response strategies have been applied. |
|
|
Term
|
Definition
| Eliminating a risk or threat, usually by eliminating the cause. |
|
|
Term
|
Definition
| A grouping of types of risk on a project. (Ex:technology, organizational, customer, market) |
|
|
Term
|
Definition
| A data repository that stores and manipulates information associated with the risk management processes. |
|
|
Term
|
Definition
| Numbers representing the risk of certain events, the likelihood of their happening plus the impact on the project. (if the event does happen) |
|
|
Term
|
Definition
| The process of determining which risks can impact a project and the documentation of their properties or characteristics. |
|
|
Term
|
Definition
| A document that details and describes the plan for managing risk over the life of the project. |
|
|
Term
| Risk Monitoring and Control |
|
Definition
| The process of monitoring known risks, reducing any risks, identifying any new risks, and monitoring risk reduction over the life of the project. |
|
|
Term
| Risk Register(Output/Input) |
|
Definition
| The documented results of the Risk Management Planning which can include the outputs of Qualitative Risk Analysis and Quantitative Risk Analysis, as well as Risk Response Planning. |
|
|
Term
|
Definition
| Allocating the responsibility for an impact of the risk event to another party. |
|
|
Term
|
Definition
| Characteristics which indicate that a risk is possibly starting to happen. (it can also be same definition as Trigger) |
|
|
Term
|
Definition
| A technique used in risk management that helps show which risks will likely have the most impact in the project. |
|
|
Term
|
Definition
| A negative risk to the project. |
|
|
Term
|
Definition
| A signal that a risk event could occur or has occurred. (It can also be same definition as Risk Triggers) |
|
|
