Definitions
This is a risk.
What is something that may happen that will impact the project positively or negatively?
An action to address individual project risk
What is a risk response?
The impact of a threat is shifted to a third party together with the ownership of the response.
What is risk transfer?
Considers the likelihood that a specific risk will occur.
What is risk probability?
Process of developing options, selecting strategies, and agreeing on actions to overall project risk exposure.
What is Plan Risk Responses?
Issue
Monte Carlo Analysis
What is a model that simulates the combined effect of individual project risks and other sources of uncertainty to evaluate potential impact on project objectives?
Actions that eliminate the risk altogether
What is risk avoidance?
Examines the project from a strengths, weaknesses, opportunities and threat perspective.
What is a SWOT analysis?
The process of defining how to conduct risk management activities for the project.
What is plan risk management?
What is a risk management plan?
Helps to determine which individual project risks or other sources of uncertainty have the most potential impact on the project outcomes
What is sensitivity analysis?
Decreasing the probability of occurrence or impact of a threat.
What is risk mitigation?
Used to discover the underlying causes that leadto a problem and develop preventive action
What is root cause analysis?
Process of prioritizing individual project risks for further analysis or action by assessing their probability of occurrence and impact as well as other characteristics.
What is Qualitative Risk Analysis?
A hierarchical representation of potential sources of risks
A group of potential causes of risk
What is a risk category?
Decision to acknowledge the risk and not take any action unless the risk occurs.
What is risk acceptance?
Considers the effect on one or more project objectives such as schedule, cost, quality or performance.
Process of monitoring the implementation of agreed-upon risk response plans, tracking identified risks, identifying and analyzing new risks, and evaluating risk process effectiveness
What is Monitor Risks?
Repository in which outputs of risk management processes are recorded.
What is the risk register?
Person responsible for monitoring the risk and for implementing the appropriate risk response strategy.
Who is the risk owner?
Increasing the probability or impact of a risk
What is risk enhancement?
Ideas are generated under the guidance of a facilitator.
What is brainstorming?
Process of implementing risk response strategies.
Implement Risk Responses
Process of numerically analyzing the combined effect of identified project risks and other sources of uncertainty on project objectives
Perform Quantitative Risk Analysis.
Actions that ensure an opportunity occurs
Used to support selection of the best of several alternative courses of action
What is a decision tree analysis?
Process of identifying individual project risks as well as sources of overall project risk and documenting their characteristics
What is Identify Risks?