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Wideman Comparative Glossary of Common Project Management Terms v3.1 is copyright by R. Max Wideman, March 2002.

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Response Planning - to - Risk Analysis

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Term
Definition     Editor's Choice
 
Source
Response Planning
The process of formulating suitable risk management strategies for the project, including the allocation of responsibility to the project's various functional areas. It may involve mitigation, deflection and contingency planning. It should also make some allowance, however tentative, for the completely unforeseen occurrence. [D01699]

 PMK87
Response System
The on-going process put in place during the life of the project to monitor, review, and update project risk and make the necessary adjustments. Examination of the various risks will show that some risks are greater in some stages of the project life cycle than in others. [D01700]

 PMK87
Response Time
The amount of time required to react, answer and/or solve, settle or fix. [D03244]

 RMW
Responsibility
The duties, assignments, and accountability for results associated with a designated position in the organization. [D01703]

 FWH
Charged personally with the duties, assignments, and accountability for results associated with a designated position in the organization. Responsibility can be delegated but cannot be shared. [D01701]

 PMK87
The duties, assignments, and accountability for results associated with a designated position in the organization. The responsibilities of individual persons on specific projects during the implementation phase should be made known through formal, precise statements, in the project brief and in contracts for Consultants and construction contractors. Both sets of statements should be made known to other members of the Organization's staff. [D01702]

 CCCP
Responsibility Assignment Matrix ("RAM")
The RAM correlates the work required by a Contract Work Breakdown Structure (CWBS) element to the functional organization responsible for accomplishing the assigned tasks. The responsibility assignment matrix is created by intersecting the CWBS with the program Organizational Breakdown Structure (OBS). This intersection identifies the cost account. [D01704]

 WST
Responsibility Chart
See Responsibility/Accountability Matrix. [D01705]

  
Responsibility Charting
The activity of clearly identifying personnel and staff responsibilities for each task within the project. [D01706]

 PMK87
Responsibility Matrix
See also Responsibility Assignment Matrix. [D01707]

  
A matrix that maps WBS tasks to the organizations and individuals assigned as responsible and those supporting those responsible. Also called Task Responsibility Matrix. [D04223]

 CSM
Responsibility/Accountability Matrix ("RAM")
A structure which relates the project organization structure to the work breakdown structure to help ensure that each element of the project's scope of work is assigned to a responsible individual. [D01708]

 PMK96
Responsible Organization
A defined unit within the contractorÍs organization structure which is assigned responsibility for accomplishing specific tasks, or cost accounts. [D01709]

 WST
Restraint
An externally imposed factor affecting when an activity can be scheduled. The external factor may be labor, cost, equipment, or other such resource. [D01710]

 PMK87
Restructuring
Changing the shape of. Rearranging. For example, for purposes of making an organization more effective or efficient. Or, for making the solution to a problem more transparent. [D03245]

 RMW
Resubmitted Lot
A lot which has been rejected, subjected to either examination or testing, or both for the purpose of removing all defective units which may or may not be reworked or replaced, and submitted again for acceptance. [D01711]

 MIL-STD 109A
QMPP
Result
Synonym of output. See also deliverable. [D04765]

 RUP
Results
Something obtained by calculation or investigation. Consequences or conclusions. [D03246]

 RMW
Retainage
A portion of a contract payment that is held until contract completion in order to ensure full performance of the contract terms. [D01713]

 PMK96
A part of payment withheld until the project is completed in order to ensure satisfactory performance completion of contract terms. See also Holdback. [D01712]

 WST
A percentage of a progress payment withheld based on unsatisfactory contract progress under a construction contract. [D03563]

 GAT
Retention
A sum of money retained by the customer from each stage payment which is paid at the end of the project when the end product is accepted. [D03937]

 PNG
Return on Investment ("ROI")
The financial return for a given outlay, usually calculated in terms of present value (i.e. today's value of money.) [D02884]

 RMW
Reuse
Further use or repeated use of an artifact [D04767]

 RUP
Revamp
The redesign and rework of existing features to improve functionality. [D05092]

 SCL
Revenue
The total income produced by a given source. The gross income returned by an investment. [D03247]

 Webster
Revenue Cost
Expenditure charged to the profit and loss account as incurred or accrued due. [D04505]

 APM
BS
Review
To examine critically to determine suitability or accuracy. [D01714]

 PMK87
A review is a group activity carried out to discover potential defects and to assess the quality of a set of artifacts. [D04766]

 RUP
Reviewers
Those responsible for ensuring a product is completed and fault free at a quality review. [D01715]

 WST
Revision
A change to a document or design. [D04224]

 CSM
Reward
Something that is given in return for good or evil, done or received and especially something offered or given for some service or attainment. [D03248]

 Webster
Reward Power
The ability (of a project manager) to gain support because project personnel perceive the project manager as capable of directly or indirectly dispensing valued organizational rewards (e.g. salary adjustments, promotion, bonus, future work assignments, etc.) [D02889]

 PMDT
Rework
The correction of defective work. May take place either before, during or after inspection or testing. [D03685]

 DSMC
RF
See Remaining Float

  
RFA
See Request for Appropriation

  
RFC
See Request for Change

  
RFP
See Request for Proposal

  
RFQ
See Request for Quotation

  
Risk
The probability of an undesirable outcome. [D01716]

 WST
(Project Risk) The cumulative effect of the chances of uncertain occurrences which will adversely affect project objectives. It is the degree of exposure to negative events and their probable consequences. project risk is characterized by three risk factors namely: risk event, risk probability and the amount at stake. Risk is the opposite of opportunity. [D01719]

 RMH
The possibility that something can go wrong and interfere with the completion of the work. [D03729]

 PPS&C p341
Combination of the probability or frequency of occurrence of a defined threat or opportunity and the magnitude of the consequences of the occurrence.
Note: Alternatively, combination of the likelihood of occurrence of a specified event and its consequences. Also used to imply potential occurrences or threats that would jeopardize the success of a project, or the probability of an undesirable outcome. [D04504]

 APM
BS
An ongoing or upcoming concern that has a significant probability of adversely affecting the success of major milestones. [D04768]

 RUP
A measure of the potential inability to achieve overall program objectives within defined cost, schedule, and technical constraints.
Risk has two components:
  1. The probability of failing to achieve a particular outcome and
  2. The consequences of failing to meet that outcome.
[D05093]

 51
The likelihood of variation in the occurrence of an event, which may have either positive or negative consequences.
Editor's Note: In our view, this definition is more suited to the term "Uncertainty" which encompasses both positive and negative events. [D05094]

 RAMP
There may be external circumstances or events that must not occur for the project to be successful. If you believe such an event is likely to happen, then it would be a risk. (Contrast this with the definition of "assumption".) Identifying something as a risk increases its visibility, and allows a proactive risk management plan to be put into place.
If an event is within the control of the project team, such as having testing complete by a certain date, then it is not a risk. If an event has a 100% chance of occurring, then it is not a risk, since there is no "likelihood" or risk involved. (It is just a fact).
Examples of risks might be that "reorganization in the customer organization may result in key people being reassigned ..." or "The new hardware may not be able to handle the expected sales volume ...". [D05095]

 TM
The possibility of suffering loss, injury, disadvantage, or destruction. [D05208]

 SA-CMM
Risk & Readiness Assessment
An evaluation, based on interviews with senior executives and managers, of the organizations readiness to accept the change brought on by the project. Conducted for the benefit of the Project Sponsor. [D02235]

 14
Risk Analysis
An examination of risk areas or events to assess the probable consequences for each event, or combination of events in the analysis, and determine possible options for avoidance. [D03686]

 RMW
A technique designed to quantify the impact of uncertainty. Usually, but not necessarily, associated with the Monte Carlo Simulation technique. [D01720]

 WST
An evaluation of the feasibility or probability that outcomes of a project or policy will be favorable. Usually conducted to compare two or more alternative scenarios, action plans, or policies. [D01721]

 OTOB 271-4
A technique designed to quantify the impact of uncertainty. [D04594]

 APM
Definitions for page R04: 53


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