- Risk and Contingency Management
-
 The process of identifying, analyzing and responding to risk events throughout the project life cycle in a manner that is in the best interests of the project’s objectives and its success indicators. [D01718]
|
PMGdLns |
- Risk Appetite
- An organization's unique attitude towards risk taking, which in turn dictates the amount of risk that it considers acceptable. [D06219]
|
MoR-UK |
- Risk Appraisal
- The work involved in identifying and assessing risk. [D06220]
|
PMTWG |
- Risk Assessment
-
 The process of identifying potential risks, quantifying their likelihood of occurrence and assessing their likely impact on the project. [D04506]
|
APM |
- Review, examination and judgment whether or not the identified risks are acceptable in the proposed actions. [D01723]
|
PMK87 |
- Risk Assessment Tables
- Tables that may be used to allocate "scores" to risks, to help in prioritizing them. [D05098]
|
RAMP |
- Risk Assessment, Quantitative
- Numeric analysis of risk estimates including probability of occurrence to forecast the project's schedule and costs using probabilistic data and other identified uncertainties to determine likely outcomes. [D06193]
|
PMTWG |
- Risk Assumption
- Risk assumption is an acknowledgment of the existence of a particular risk situation and a conscious decision to accept the associated level of risk, without engaging in any special efforts to control it. [D05099]
|
051 |
- Risk Avoidance
- The process of planning activities so as to avoid identified risks by using an alternative method.
Editor's Note: Risk Avoidance may well result in the need to relax scope, quality, time or cost objectives. [D03938]
|
PNG |
- Planning activities to avoid risks that have been identified. [D01724]
|
WST |
- Risk Avoiders
- People who have a low willingness to accept risks and their consequences. [D05832]
|
Q&A p191 |
- Risk Brainstorming
- An intense and focused scrutiny of an issue with the aim of covering it as comprehensively as possible and, in particular, identifying and discussing risks which might not otherwise be considered in the absence of such an intellectually charged and spontaneous environment. A brainstorming session should normally be led by a "facilitator" whose task is to encourage suggestions, avoid criticism, and generally create an atmosphere in which participants are motivated to put forward as many relevant ideas as possible.
A useful technique is to divide the session into two phases:
- The generation of ideas where participants put forward ideas but no discussion is permitted (except for clarification) and the ideas are listed on a flip-chart by the facilitator.
- Constructive discussion of the listed ideas to identify those that deserve to be explored further.
[D05100]
|
RAMP |
- Risk Breakdown Structure ("RBS")
- A hierarchical structure of risks created during risk identification. Event chain methodology uses RBS and the project schedule together to perform quantitative risk analysis. [D06516]
|
PrjDec |
- A "family tree" of identified project risks arranged according to various categories, areas and/or causes. [D06358]
|
RMW |
- Risk Category
- A source of potential risk reflecting technical, project management, organizational, or external sources.
Editor's Note: Both risks and opportunities may be grouped into categories according to their source or origin. [D05585]
|
PMK00 |
- Risk Consequence
- How bad it is if things go wrong. [D06221]
|
110 |
- Risk Control
- The means of stopping hazards turning into risk events and risk consequences. [D06222]
|
110 |
- Risk Criterion Value
- A measure of how often and how serious. [D06223]
|
RMW |
- Risk Custodian
- An individual who has responsibility for monitoring, controlling and minimizing the project's residual risks.
Editor's Note: Also known as "Risk Owner". [D05101]
|
RAMP |
- Risk Data Applications
- The development of a data base of risk factors, actual responses and consequences, both for the current project and as a matter of historic record. [D01725]
|
RMH |
- Risk Database
- See Risk Data Applications. [D05720]
|
|
- Risk Deflection
- The act of transferring all or part of a risk to another party, usually by some form of contract. [D01727]
|
PMK87 |
- Risk Diary
- A logbook maintained by the risk process manager which should, inter alia, contain a record of key events in the planning and execution of the RAMP process, any problems encountered and unforeseen risks which arose, the results of the risk reviews and ways in which future risk reviews or the RAMP process itself could be improved. [D05102]
|
RAMP |
- Risk Effect
- A description of the impact that the risk would have on the organizational activity should the risk materialize. [D06224]
|
MoR-UK |
- Risk Evaluation
- Process used to determine risk management priorities.
[D04507]
|
APM
BS |
- Risk Event
- Precisely what might happen to the project, including both recurring and scaled events and non-recurring, one time only, or discrete events. [D03172]
|
RMW |
- The precise description of what might happen to the detriment of the project. [D01729]
|
PMK87 |
- What actually happened that resulted in a consequence. [D06226]
|
110 |
- A discrete occurrence that effects a project. [D01728]
|
WST |
- The occurrence of an event which has the potential to affect the viability of a project. [D05103]
|
RAMP |
- A description of the area of uncertainty in terms of the threat or the opportunity. [D06225]
|
MoR-UK |
- Risk Event Status
- A measure of importance of a risk event. Also referred to as criterion value or simply its ranking. [D01730]
|
RMH |
- Risk Exposure
- Either:
- The impact value of a risk multiplied by its probability of occurring, or
- Loss provision made for a risk. This requires that a sufficient number of situations in which this risk could occur have been analyzed.
Editor's Note: See also Risk Criterion Value. [D06227]
|
|
- See also Exposure. [D05721]
|
|
- Risk Factor
- Any one of:
- Risk Event
- Risk Probability, or
- Amount at Stake.
[D01731]
|
RMH |
- Risk Filter
- A process, sometimes aided by mathematical and statistical analyses, for identifying and assessing the magnitude of risks on a prospective project opportunity. [D06517]
|
Costin |
- Risk Identification
- The process of systematically identifying all possible risk events which may impact on a project. They may be conveniently classified according to their cause or source and ranked roughly according to ability to manage effective responses. Not all risk events will impact all projects, but the cumulative effect of several risk events occurring in conjunction with each other may well be more severe than the examination of the individual risk events would suggest. [D01733]
|
PMK87 |
- Determining which risk events will effect the project. [D01732]
|
WST |
- The identification of programmatic and product risks relative to the project opportunity or opportunities within the project. [D04225]
|
CSM |
- Process of determining what could pose a risk.
[D04508]
|
APM
BS |
- Risk Log
- A document that provides identification, estimation, impact evaluation and countermeasures for all risks to the project. It should be created during the startup of the project and developed during the life of the project. Also known as risk register. [D05479]
|
PRNC2 2002 |
- Risk Management
- An organized assessment and control of project risks. [D01682]
|
RMW |
- See also Risk and Contingency Management [D01717]
|
|
- The art and science of identifying, analyzing and responding to risk factors throughout the life of a project and in the best interests of its objectives. [D01735]
|
PMK87 |
- Organized control of risks. [D01734]
|
NPMT |
- The overall process of managing risk including risk identification, risk analysis, risk reduction, risk transfer, risk avoidance and contingency planning. [D03939]
|
PNG |
- Systematic application of policies, procedures, methods and practices to the tasks of identifying, analyzing, evaluating, treating and monitoring risk. [D04509]
|
APM
BS |
- The process whereby decisions are made to accept known or assessed risks and /or the implementation of actions to reduce the consequences or probability of occurrence. [D04510]
|
APM
BS |
- The process of managing risks identified in the risk review using the risk mitigation strategies in the risk response plan. [D05104]
|
RAMP |
- The management of a project's exposure to risks (i.e. probability and impact should they occur) by taking action to keep exposure to an acceptable level in a cost-effective way. [D05480]
|
PRNC2 2002 |
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Definitions for page R06: 50
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