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32 Cards in this Set

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