- Risk Management Budget ("RMB")
-
 The process of establishing a budgetary structure for identified and quantifiable risks within a fixed bid project. [D04366]
|
031 |
- Risk Management Plan ("RMP")
-
 The documented and agreed policies, procedures and guidelines for directing and controlling the project's risks. A part of the Project Management Plan. [D05722]
|
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]
|
WST |
- A document defining how Project Risk Analysis and Management is
to be implemented in the context of a particular project. [D04511]
|
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]
|
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]
|
051 |
- Risk Management Planning
- See Risk Management Plan. [D05723]
|
|
- Risk Management Policy
- A high-level statement showing how risk management will be handled throughout the organization. [D06228]
|
MoR-UK |
- Risk Management Strategy
- A detailed definition of how risks will be identified, analyzed and managed on the program. [D05586]
|
MSP-UK 1999 |
- Risk Matrix
- A matrix with risks located in rows, and with impact and likelihood in columns. [D01737]
|
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]
|
RAMP |
- Risk Mitigation
- Action to reduce, transfer, or eliminate risk. [D04226]
|
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]
|
PMK87 |
- Risk Mitigation Strategy
- An overall plan for mitigating the risks in the investment activity. [D05108]
|
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]
|
MoR-UK |
- Risk Perception
- The way in which a stakeholder views a risk, based on a set of values or concerns. [D06230]
|
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]
|
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]
|
WST |
- Filtering, grouping, and ranking risks following assessment. [D06231]
|
PMTWG |
- Risk Probability
- The degree to which the risk event is likely to occur. [D01740]
|
PMK87 |
- Risk Process Manager
- The manager who will plan, lead and co-ordinate the RAMP process. [D05109]
|
RAMP |
- Risk Profile
- A description of the types of risk faced by an organization and its exposure to those risks. [D06232]
|
MoR-UK |
- A graphical representation of information normally found on the Risk Log. [D05481]
|
PRNC2 2002 |
- Risk Proximity
- When, or how soon, a risk event is likely to occur, or reach its peak, in the project life span. [D05833]
|
SU |
- Risk Quantification
- The process of applying values to the various aspects of a risk.
[D04512]
|
APM
BS |
- Evaluating the probability of risk event, effect and occurrence. [D01741]
|
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]
|
PNG |
- Allocating a classification to the impact and likelihood of a risk. [D01742]
|
WST |
- Risk Reduction
- Action taken to reduce the likelihood and impact of a risk. [D01743]
|
WST |
- Risk Register
- Formal record of identified risks [D04513]
|
APM
BS |
- A file that holds all information on identifying and managing a risk. [D01744]
|
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]
|
APM
BS |
- A list of risks identified in the risk review process, including full descriptive detail and cross-references. [D05110]
|
RAMP |
- A record of the results of risk analysis. [D05482]
|
TGPM |
- See Risk Log [D05483]
|
|
- See Risk Response Plan. [D05587]
|
|
- Risk Response
- The planned or actual action in response to a risk event. [D02994]
|
RMW |
- Contingency plans to manage a risk should it materialize.
[D04515]
|
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]
|
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]
|
MoR-UK |
- Risk Response Control
- Responding to changes in risk during a project. [D01745]
|
WST |
- Risk Response Development
- Developing a plan of action to enhance opportunities and decrease threats. [D01746]
|
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. Also known as Risk Register. [D05588]
|
PMK00 |
- A plan (prepared towards the end of the risk review) for controlling the risks once implementation begins. [D05111]
|
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]
|
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 than in others. [D01748]
|
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]
|
RAMP |
- Risk Severity
- The degree to which the risk could affect the situation.
Editor's Note: See also Severity. [D06234]
|
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]
|
Q&A p194 |
- Risk Sharing
- Diminution of a risk by sharing it with others, usually for some consideration.
[D04518]
|
APM
BS |
|
Definitions for page R07: 50
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