Project Management Processes
Project risk management is the _________ process of identifying, analyzing, and responding to potential uncertainties
CONTINUOUS
This is the systematic process of collecting, organizing, and recording information from various sources
DATA GATHERING
The statistical likelihood or chance that a specific risk event will actually happen.
PROBABILITY
Alter the project plan to remove the threat entirely.
AVOID / ELIMINATE
Designated person responsible for monitoring and executing responses for a specific risk.
RISK OWNER
Negative risks are called threats, while positive risks are called __________
OPPORTUNITIES
________ judgement is the overall advice or evaluation provided by a knowledgeable authority to guide decisions. It can stem from deep personal experience, historical data and observations.
EXPERT
The severity of the consequences on project objectives, such as budget overruns or delayed deadlines.
IMPACT
Take early action to lower the probability or reduce the potential impact.
MITIGATE
Specific warning signs or events indicating a risk is about to occur.
RISK TRIGGER / THRESHOLD
This project management process or phase is the one in which Risk Mgmt Planning, Risk Identification and Risks Analysis all occur.
PLANNING
This risk identification activity, usually performed in a group, encourages creative thinking by allowing all participants to propose ideas with no fear of criticism or negative judgement which can lead to considerable synergy and unexpected ideas.
BRAINSTORMING
The relative rank of a risk, determining how urgently the team must act compared to other competing exposures.
PRIORITY
Shift the financial impact to a third party, such as through insurance or outsourcing contracts.
TRANSFER
Regular project reviews to evaluate current risk statuses and close outdated entries.
RISK REASSESSMENT
This project management process or phase is the one in which Implementation of Risk Responses occurs.
EXECUTION
This risk identification strategy entails meeting with subject/domain experts or impacted stakeholders to ask prepared, relevant questions to get their input on risks to the projects objectives, deliverables, taks etc.
INTERVIEWS
Ranks and prioritizes risks using subjective scales (e.g., low, medium, high) and visual tools like probability-impact matrices.
QUALITATIVE RISK ANALYSIS
Acknowledge the risk without proactive change because the cost of mitigation outweighs the impact.
ACCEPT
An active, realized risk that is currently impacting the project scope, time, or cost.
ISSUE
This project management process or phase is the one in which Risk Monitoring occurs.
MONITORING & CONTROLLING
During the risk identification phase, this document acts as the primary repository where newly discovered project risks are first recorded, named, and given an initial description before they are analyzed and prioritized
RISK REGISTER
Applies numerical and statistical models—such as Monte Carlo simulations or expected monetary value (EMV)—to calculate exact financial or timeline deviations.
QUANTITATIVE RISK ANALYSIS
Taking aggressive, proactive steps make sure a positive event happens. It is the positive equivalent of avoiding a threat, aiming for a 100% chance that the project reaps the benefit.
EXPLOIT
Allocated time or budget set aside specifically to cover realized risks turned into issues.