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Definition
| A technique by which a group attempts to generate ideas or find a solution for a specific problem by amassing ideas spontaneously and without judgment |
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| Provisions held by the project sponsor organization to reduce the risk of cost or schedule overruns to an acceptable level; also called contingency reserves |
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| A diagramming analysis technique used to help select the best course of action in situations in which future outcomes are uncertain |
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Definition
| An approach used to derive a consensus among a panel of experts, to make predictions about future developments |
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| Expected Monetary Value (EMV) |
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Definition
| The product of the risk event probability and the risk event's monetary value |
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Definition
| Plans developed for risks that have a high impact on meeting project objectives, to be implemented if attempts to reduce the risk not effective |
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Definition
| Diagrams that show how various elements of a system relate to each other |
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Definition
| Diagram that represents decision problems by displaying essential elements, including decisions, uncertainties, and objectives, and how they influence each other |
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Definition
| A fact-finding technique that is normally done face-to-face, but can also occur through phone calls, em-mail, or instant messaging |
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Definition
| Risks that the project team have identified and analyzed and can be managed proactively |
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Definition
| A risk quantification technique that simulates a model's outcome many times, to provide a statistical distribution of the calculated results |
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Term
| Probability/Impact Matrix or Chart |
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Definition
| A matrix or chart that lists the relative probability of a risk occurring on one side of a matrix or axis on a chart and the relative impact of the risk occurring on the other |
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Definition
| Risks that remain after all of the response strategies have been implemented |
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Definition
| An uncertainty that can have a negative or positive affect on meeting project objectives |
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Definition
| Accepting the consequences should a risk occur |
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Definition
| Having a low tolerance for risk |
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Definition
| Eliminating a specific threat or risk, usually by eliminating its causes |
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Definition
| A hierarchy of potential risk categories for a project |
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Definition
| Changing the size of an opportunity by identifying and maximizing key drivers of the positive risk |
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Definition
| Specific uncertain event that may occur to the detriment of enhancement of the project |
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Definition
| Doing whatever you can to make sure that positive risk happens |
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Definition
| Numbers that represent overall Risk of specific events, given their probability of occurring and the consequence to the project if they occur |
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Definition
| A plan that documents the procedures for managing risk throughout a project |
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Definition
| A plan that documents the producers for managing risk throughout a project |
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Definition
| A balance between risk and payoff |
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Definition
| The person who will take responsibility for a risk and its associated response strategies and tasks |
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Definition
| A document that contains results of various risk management processes, often displayed in a table or spreadsheet format |
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Definition
| Having a high tolerance for risk |
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| Allocating ownership of the risk to another party |
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Definition
| The amount of satisfaction or pleasure received from a potential payoff; also called risk utility |
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Definition
| Shifting the consequence of a risk and responsibility for its management to a third party |
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Definition
| The amount of satisfaction or pleasure received from a potential payoff; also called risk tolerance |
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Definition
| Project that have significant cost or schedule overruns |
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Definition
| Risks that are a direct result of implementing a risk response |
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Definition
| A technique used to show the effects of changing one or more variables on an outcome |
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