Risk Flashcards
Risk
Risk -
Uncertain event, opportunity (maximize) or threat (minimize)
Known Risks
Known Risks -
Plan with contingency reserves
Unknown Risks
Unknown Risks -
Plan with management reserves; not in baseline
Risk Appetite
Risk Appetite -
Degree of risk an organization willing to take.
Risk Tolerance
Risk Tolerance-
Degree of risk anorganization can withstand.
Risk Threshold
Risk Appetite -
Level below which organization will take risk.
Overall Project Risk
Overall Project Risk -
More than sum of individual risks;
Risk Management Context = Risk Attitude + Risk Exposure
Risk Categories
Risk Categories -
Similar to WBS for risks:
- technical,
- external,
- organizational,
- project management
Risk Qualitative Analysis
Risk Qualitative Analysis -
Prioritize risks subjectively: low, med, high.
Update risk register.
Risk Quantitive Analysis
Risk Quantitive Analysis -
Numerical assessment of risks.
Update risk register.
Workaround
Workaround -
Responses to newly emerging risks.
Negative Risk Strategies
Negative Risk Strategies (ATM):
- Avoidance
- Transference (or deflection)
- Mitigation,
- Acceptance
Positive Risk Responses
Positive Risk Responses (SEE):
- Share
- Exploit,
- Enhance,
- Acceptance
Residual Risks
Residual Risks -
Left over risks
Secondary Risks
Secondary Risks -
Risks that newly evolve from current strategies
