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32 Cards in this Set
- Front
- Back
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Project risk
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An uncertain event or condition that, if it occurs, has a positive or negative effect on a project objective.
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Risk management planning
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A systematic approach to planning the risk management activities of a given project.
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Risk management plan
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An overall plan used to outline risks and the strategies used to manage them.
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Risk identification
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The process of identifying and documenting a project’s potential risks.
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Risk register
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A formal record listing all project risks, explaining the nature of the risk and management of the risk.
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Documentation review
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The review of organizational information to aid during risk identification.
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Information gathering techniques
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Techniques such as brainstorming, Delphi surveys, or SWOT analyses used to identify project risk.
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Diagramming techniques
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Diagramming tools, such as cause-and-effect diagrams, flow charts, or influence diagrams, used to help identify project risk.
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Triggers
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events that serve as early warnings of risk.
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Qualitative risk analysis
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The establishment of probabilities regarding both the impact and likelihood of specific risk occurrence
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Probability/impact risk rating matrix
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A technique used to analyze project risk in terms of its probability of occurrence and its impact on project outcomes.
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Project assumption testing
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A technique used during qualitative risk analysis to test the assumptions made during risk identification.
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Quantitative risk analysis
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The analysis of the probability of occurrence and the impact of risk on project objectives using numerical techniques.
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Sensitivity analysis
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A technique used to examine the potential impact of specific risks to a project
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Decision tree analysis
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A diagramming technique used to evaluate courses of action in terms of their potential cost and benefits relative to other courses of action.
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Expected monetary value analysis (EMV)
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A statistical technique that captures the average value of potential projects by analyzing the likelihood of possible project outcomes as well as each outcome’s financial consequences.
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Simulation
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A technique, such as Monte Carlo analysis used to perform what-if analyses to determine the impact of a given situation on a project objective.
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Tornado analysis
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A diagramming technique that graphically shows, in descending order, which risks can cause the greatest variability on some outcome.
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Risk Response planning
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The process of developing methods for responding to project risks.
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Risk owners
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Project members responsible for specific risk activity decisions.
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Risk avoidance
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A risk response strategy designed to avoid potential project risks.
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Risk transference
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A risk response strategy designed to transfer risk to another party often through the use of contracts.
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Risk mitigation
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A risk response strategy in which steps are taken to mitigate project risk.
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Risk acceptance
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A risk response strategy in which risks are simply accepted and contingency strategies are planned.
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Risk response plan
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A documented plan for risk response.
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Residual risks
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Any risks remaining after risk response strategies have been applied.
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Secondary risks
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Any risks resulting from the application of a risk response strategy.
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Risk-related contractual agreements
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Any contracts for the purpose of risk transference during the project.
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Risk monitoring and control
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The process of monitoring identified risks for change and controlling those changes.
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Project risk response audits
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Audits designed to evaluate the effectiveness of risk response strategies and risk owners.
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Periodic project risk reviews
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Reviews designed to review existing risk activities and to monitor any changes to the project.
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Technical performance measurement
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An important tool used to determine whether important technical milestones are being met.
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