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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 Management Planning   - to -   Risk Transfer
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Term
Definition     Editor's Choice
Cat Source
Risk Management Planning
See Risk Management Plan. [D05723]

FGJN
CHMT

  
Risk Management Policy
A high-level statement showing how risk management will be handled throughout the organization. [D06228]

FG

 MoR-UK
Risk Management Strategy
A detailed definition of how risks will be identified, analyzed and managed on the program. [D05586]

G

 MSP-UK 1999
Risk Matrix
A matrix with risks located in rows, and with impact and likelihood in columns. [D01737]

JN

 WST
The presentation of information about risks in a matrix format, enabling each risk to be presented as the cell of a matrix whose rows are usually the stages in the investment life-cycle and whose columns are different causes of risk . A risk matrix is useful as a checklist of different types of risk which might arise over the life of a project but it must always be supplemented by other ways of discovering risks. [D05107]

N

 RAMP
Risk Mitigation
Action to reduce, transfer, or eliminate risk. [D04226]

GJN
CHMT

 CSM
The act of revising the project's scope, budget, schedule or quality, preferably without material impact on the project's objectives, in order to reduce uncertainty on the project. [D01738]

N

 PMK87
Risk Mitigation Strategy
An overall plan for mitigating the risks in the investment activity. [D05108]

FGJN

 RAMP
Risk Owner
A role or individual responsible for the management and control of all aspects of individual risks, including the implementation of the measures taken in respect of each risk. [D06229]

FGJN

 MoR-UK
Risk Perception
The way in which a stakeholder views a risk, based on a set of values or concerns. [D06230]

N

 MoR-UK
Risk Prioritizing
The ordering of risks according to their risk value and then deciding which need to be considered for risk reduction, risk transfer, risk avoidance, or contingency allowance etc. [D03941]

GJN
CHMT

 PNG
Ordering of risks according first to their risk value, and then by which risks need to be considered for risk reduction, risk avoidance, and risk transfer. [D01739]

JN

 WST
Filtering, grouping, and ranking risks following assessment. [D06231]

N

 PMTWG
Risk Probability
The degree to which the risk event is likely to occur. [D01740]

GJN
CHMT

 PMK87
Risk Process Manager
The manager who will plan, lead and co-ordinate the RAMP (Responsibility and Authority Mapping) Process. [D05109]

FGJN

 RAMP
Risk Profile
A description of the types of risk that are faced by an organization and its exposure to those risks. [D06232]

FGJN

 MoR-UK
A graphical representation of information normally found on the Risk Log. [D05481]

JN

 PRNC2 2002
Risk Proximity
When, or how soon, a risk event is likely to occur. The impact of a risk may vary in severity depending on when the risk occurs e.g. reach its peak, in the project life span [D05833]

N

 SU
Risk Quantification
The process of applying values to the various aspects of a risk. [D04512]

JN
CHMT

 APM
BS
Evaluating the probability of risk event, effect and occurrence. [D01741]

N

 WST
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]

JN
CHMT

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

N

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

JN
CHMT

 WST
Risk Register
A formal record of identified risks [D04513]

JN
CHMT

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

N

 WST
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]

N

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

N

 RAMP
A record of the results of risk analysis. [D05482]

N

 TGPM
See Risk Log [D05483]

GJN

  
See Risk Response Plan. [D05587]

JN
CHMT

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

JN
CHMT

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

N

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

N

 APM
BS
Risk Response Category
For threats, the individual risk response category can be reduction, removal, transfer, retention or share of one or more risks. [D06233]

FGJN
CHMT

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

N

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

N

 WST
Risk Response Plan
A document detailing all identified risks, including description, cause, probability of occurring, impact(s) on objectives, proposed responses, owners, and current status. Compare with Risk Register. [D05588]

JN
CHMT

 PMK00
A plan (prepared towards the end of the risk review) for controlling the risks once implementation begins. [D05111]

N

 RAMP
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]

JN
CHMT

 PMK87
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 (span) than in others. [D01748]

J

 PMK87
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]

GJN
CHMT

 RAMP
Risk Severity
The degree to which the risk could affect the situation.
Editor's Note: See also Severity. [D06234]

GJN
CHMT

 MoR-UK
The combination of risk impact and probability.
Editor's Note: This definition is no different from the definition of "risk". The issue here is how bad is it? Also, "Severity" should not be used on its own. Severity is just a modifier word meaning "how bad", so that impact severity means how bad is the impact and this is not the same as risk severity, which means how bad is the combination of risk event and probability. [D05834]

N

 Q&A p194
Risk Sharing
Diminution of a risk by sharing it with others, usually for some consideration. [D04518]

N

 APM
BS
Risk Takers
People willing to take risks.
Editor's Note: Usually implies that these people are willing to take more risk than most people. [D05835]

JN

 Q&A p191
Risk Tolerance
The willingness of a person or organization to accept or avoid a risk. How much one is willing to lose if the risk happens.
Editor's Note: Or how much one expects to gain in order to accept the risk. [D05836]

N

 Q&A
The threshold levels of risk exposure that, with appropriate approvals, can be exceeded, but which when exceeded, will trigger some form of response (e.g. reporting the situation to senior management for action). [D06235]

FGJN
CHMT

 MoR-UK
Risk Tolerance Line
A line drawn on the summary risk profile. Risks that appear above this line cannot be accepted (lived with) without referring them to a higher authority. For a project, the Project Manager would refer these risks to the Project Board. [D05837]

JN

 PRNC2 2009
Risk Transfer
A risk response for a threat, whereby a third party takes on responsibility for some aspect of the threat. [D06236]

FGJN
CHMT

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

JN

 WST
Definitions for page R07: 50

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