Risk

Question 1

Qualifying the risks for their legitimacy. This is a very quick, subjective approach.

Answer 1

Qualitative analysis

Question 2

A positive risk that can be shared with the organization or other projects

Answer 2

Share

Question 3

Condition, event, or warning sign that a risk is about to happen. Usually “triggers” a risk response

Answer 3

Triggers

Question 4

An amount of funds used to offset a project’s risks

Answer 4

Contingency fund

Question 5

Risks with a positive impact

Answer 5

Positive risk

Question 6

Reduce the probability or impact of the risk event

Answer 6

Mitigation

Question 7

A risk response creates another risk.

Answer 7

Secondary risks

Question 8

A response that ensures that a positive risk will likely happen

Answer 8

Enhance

Question 9

A risk response may create small generally accepted risks

Answer 9

Residual risk

Question 10

Risks that can offer an upside or a downside (both positive and/or negative impacts).

Answer 10

Business risk

Question 11

Risks with a negative impact.

Answer 11

Negative risks

Question 12

A positive risk that a project wants to take advantage of

Answer 12

Exploit

Question 13

Quantifies the risk exposure based on evidence, research, and in-depth analysis of the risk events.

Answer 13

Quantitative analysis

Question 14

The ownership of the risk is transferred to some other party, usually for a fee

Answer 14

Transference

Question 15

Quantitative Risk Matrix

Answer 15

Question 16

A person’s or organization’s willingness to accept risk. Relative to the project priority as high-priority projects are typically risk adverse.

Answer 16

Utility function. Also known as risk tolerance.

Question 17

Only offers a negative impact (injury, fire, theft, destruction).

Answer 17

Pure risk

Question 18

The risk may be small so the risk may be accepted.

Answer 18

Acceptance