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

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Risk Ranking - to - Runaway Project

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Definition     Editor's Choice
Risk Ranking
The allocation of a classification to the impact or likelihood of a risk. This may be in the form of high, medium, low or a numeric classification on a scale of, say, 1 to 5. [D03940]

Allocating a classification to the impact and likelihood of a risk. [D01742]

Risk Reduction
Action taken to reduce the likelihood and impact of a risk. [D01743]

Risk Register
Formal record of identified risks [D04513]

A file that holds all information on identifying and managing a risk. [D01744]

A body of information listing all the risks identified for the project, explaining the nature of each risk and recording information relevant to its assessment and management. [D04514]

A list of risks identified in the risk review process, including full descriptive detail and cross-references. [D05110]

Risk Response
The planned or actual action in response to a risk event. [D02994]

Contingency plans to manage a risk should it materialize. [D04515]

Action to reduce the probability of the risk arising, or to reduce the significance of its detrimental impact if it does arise. [D04516]

Risk Response Control
Responding to changes in risk during a project. [D01745]

Risk Response Development
Developing a plan of action to enhance opportunities and decrease threats. [D01746]

Risk Response Plan
A plan (prepared towards the end of the risk review) for controlling the risks once implementation begins. [D05111]

Risk 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 risk mitigation, risk deflection and contingency planning. It should also make some allowance, however tentative, for the completely unforeseen occurrence. [D01747]

Risk 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. [D01748]

Risk Review
An overall assessment of the risks involved in a project, their magnitude and their optimal management. Risk reviews can in principle be held at any stage in the life of a project with each review building on the results of previous ones. Each risk review should be preceded by a risk review plan. Risk reviews should generate information for inclusion in the risk register, risk mitigation strategy and risk response plan. The results of a risk review should be set out in a risk review report. [D05112]

Risk Sharing
Diminution of a risk by sharing it with others, usually for some consideration. [D04518]

Risk Transfer
A contractual arrangement between two parties for delivery and acceptance of a product where the liability for the costs of a risk is be transferred from one party to the other. [D01749]

Risk Treatment
Selection and implementation of appropriate options for dealing with risk. [D04519]

Risk Value
The number obtained when numeric impact and likelihood values are multiplied. [D01750]

Risk, close-down report
A report prepared by the risk process manager after the project has terminated. [D05085]

Risk, process plan
A plan prepared at the outset by the risk process manager, which establishes the risk strategy and baseline. The plan is updated as the work proceeds. [D05086]

Risk, project risk
The likelihood of an event occurring that is detrimental to project success. Identification of all project risk categories and assessing their probability and impact is an important aspect of project management. Therefore, sufficient time and resources should be devoted to risk assessment as an integral part of the project plan. Managing and controlling risk involves assigning responsibility to those in the project team who can best control the consequence of each risk category. The objective is to mitigate risk/cost on the project. Unpredictable project risks should be assumed by the owner since they cannot be costed. [D03089]

Risks are events that if they occur can jeopardize the successful completion of the project. Risks should be identified and assessed for probability of occurrence and impact on the project. [D01751]

See Risk Management Budget

See Risk Management Plan

See Return on Investment

A unit of defined responsibilities that may be assumed by one or more individuals. [D05209]

A function or part performed especially in a particular part or process. [D02995]

A definition of the behavior and responsibilities of an individual, or a set of individuals working together as a team, within the context of a software engineering organization. The worker represents a role played by individuals on a project, and defines how they carry out work. [D04789]

See worker [D04793]

Many aspects of project work are done as a part-time responsibility. All methodologies recognize that the project manager and all other job titles are role definitions where the role is often fulfilled by a person who has other roles to fill simultaneously. [D03942]

Roll Up
On Gantt Charts, to display symbols on a summary task bar that represents dates from subtasks. [D01752]

On a spreadsheet or cost report, the summation of a column of figures to the next higher level subtotal or total. [D01614]

Rolling Wave
A term used in scheduling to imply detailed planning or scheduling over a short horizon. Each period, the plan is moved forward by a corresponding amount. See also Short Term Plan. [D02996]

Rolling Wave Concept
The progressive refinement of detailed work planning by continuous subdivision of far-term activities into near-term work package tasks. [D04655]

Rolling Wave Planning
Cost and schedule planning where details are developed for the near term and general allocations are made for the out periods. Detail is developed for the out periods as information becomes available to do so. [D04227]

See Rough Order of Magnitude Estimate

Rough Order of Magnitude Estimate ("ROM")
Estimated cost based on approximate cost models or expert analysis. It is usually based on top level requirements or specifications, and an overall prediction of work to be done to satisfy the requirements. The ROM is usually used for financial planning purposes only. [D04228]

Any costs or charges in the nature of royalties, license fees, patent or license amortization costs, or the like, for the use of or for rights in patents and patent applications in connection with performing a contract or any subcontract. [D03565]

See Ranked Positional Weight Method

Rubber Baselining
An attempt by a contractor to take far-term budget and move it into the current period, in an attempt to disguise cost problems. Approach will be to move budget, but without a corresponding value of work, to mask cost difficulties. It is an indicator of a likely cost overrun condition. [D01753]

Rule of Thumb
Some pragmatic ratio used in cost estimating to arrive at some estimate of cost such as contingency, overhead or other level of effort activity, etc. [D03564]

Certain ways in which things must be accomplished; guidelines within which people and organizations must work. [D02997]

Rules of Evidence
Those rules governing the furnishing of proof. For example, evidence legally submitted to a tribunal to ascertain the truth of the matter. [D03250]

Rules pertaining to judicial evidence. [D02998]

Determination of what evidence is permissible in a court proceeding. [D03249]

Run Time
The period of time during which a computer program executes. Contrast: modeling time. [D04877]

Runaway Project
A term coined by the consultancy KPMG to identify mainly IT projects which resist termination. Typified by a constantly changing specification and absorption of much extra resource and cost in a desperate effort to get the project finished. [D03943]

Definitions for page R06: 49

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