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Wideman Comparative Wideman Comparative Glossary of Common Project Management Terms v5.5 is copyright © R. Max Wideman, 2000-2017.

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Last updated 12-22-17

Master Glossary
Risk Assessment, Quantitative   - to -   Risk Management Plan
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Term
Definition     Editor's Choice
Cat Source
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]

FGJN
CHMT

 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]

FGJN
CHMT

 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]

FGJN
CHMT

 PNG
Planning activities to avoid risks that have been identified. [D01724]

N

 WST
Risk Avoiders
People who have a low willingness to accept risks and their consequences. [D05832]

N

 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:
  1. 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.
  2. Constructive discussion of the listed ideas to identify those that deserve to be explored further.
[D05100]

N

 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]

FGJN
CHMT

 PrjDec
A "family tree" of identified project risks arranged according to various categories, areas and/or causes. [D06358]

N

 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]

N

 PMK00
Risk Consequence
How bad it is if things go wrong. [D06221]

N

 110
Risk Control
The means of stopping hazards turning into risk events and risk consequences. [D06222]

N

 110
Risk Criterion Value
A measure of how often and how serious. [D06223]

FGJN
CHMT

 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]

N

 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]

N

 RMH
Risk Database
See Risk Data Applications. [D05720]

N

  
Risk Deflection
The act of transferring all or part of a risk to another party, usually by some form of contract. [D01727]

FGJN
CHMT

 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]

N

 RAMP
Risk Effect
A description of the impact that the risk would have on the organizational activity should the risk materialize. [D06224]

N

 MoR-UK
Risk Evaluation
Process used to determine risk management priorities. [D04507]

N

 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]

FGJN
CHMT

 RMW
The precise description of what might happen to the detriment of the project. [D01729]

N

 PMK87
What actually happened that resulted in a consequence. [D06226]

N

 110
A discrete occurrence that effects a project. [D01728]

N

 WST
The occurrence of an event which has the potential to affect the viability of a project. [D05103]

N

 RAMP
A description of the area of uncertainty in terms of the threat or the opportunity. [D06225]

N

 MoR-UK
Risk Event Status
A measure of importance of a risk event. Also referred to as criterion value or simply its ranking. [D01730]

N

 RMH
Risk Exposure
Either:
  1. The impact value of a risk multiplied by its probability of occurring, or
  2. 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]

FGJN
CHMT

  
See also Exposure. [D05721]

GJN
C

  
Risk Factor
Any one of:
  1. Risk Event
  2. Risk Probability, or
  3. Amount at Stake.
[D01731]

N

 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]

N

 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]

FGJN
CHMT

 PMK87
Determining which risk events will effect the project. [D01732]

N

 WST
The identification of programmatic and product risks relative to the project opportunity or opportunities within the project. [D04225]

N

 CSM
Process of determining what could pose a risk. [D04508]

N

 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]

GJN

 PRNC2 2002
Risk Management
An organized assessment and mitigation of project risks as well as pursuit of consequential opportunities. [D01682]

FGJN
CHMT

 RMW
See also Risk and Contingency Management [D01717]

N

  
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]

N

 PMK87
Organized control of risks. [D01734]

N

 NPMT
The overall process of managing risk including risk identification, risk analysis, risk reduction, risk transfer, risk avoidance and contingency planning. [D03939]

N

 PNG
Systematic application of policies, procedures, methods and practices to the tasks of identifying, analyzing, evaluating, treating and monitoring risk. [D04509]

N

 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]

N

 APM
BS
The process of managing risks identified in the risk review using the risk mitigation strategies in the risk response plan. [D05104]

N

 RAMP
The systematic application of principles, approaches and processes to the tasks of identifying and assessing risks, and then planning and implementing risk responses. [D05480]

N

 PRNC2 2009
Risk Management Budget ("RMB")
The process of establishing a budgetary structure for identified and quantifiable risks within a fixed bid project. [D04366]

N

 031
Risk Management Plan ("RMP")
The documented and agreed policies, procedures and guidelines for directing and controlling the project, program or portfolio risks. A part of the Project, Program or Portfolio Management Plan. [D05722]

VFGJN
CHMT

 RMW
Part of the program definition statement that contains a record of all the risks in the business environment, and to the program itself. [D01736]

FGJN

 WST
A document defining how Project Risk Analysis and Management is to be implemented in the context of a particular project. [D04511]

N

 APM
A component of the program definition statement, containing a record of all risks in the business environment and to the program itself. It assesses possible impact and what is to be done (and when) to avoid, remove and control them. It includes the detailed processes for managing the risk. [D05105]

N

 KSI
Documentation of the overall management program actions or practices that deal with program risks. It includes planning for risk, assessing (identifying and analyzing) risk areas, developing risk handling options, and monitoring risks to determine how they have changed. [D05106]

N

 051
Definitions for page R06: 50

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