Risk Flashcards
Risk
An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.
Plan Risk Management
The process of defining how to conduct risk management activities for a project.
Identify Risks
The process of determining which risks may affect the project and documenting their characteristics.
Perform Qualitative Risk Analysis
The process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact.
Perform Quantitative Risk Analysis
The process of numerically analyzing the effect of identified risks on overall project objectives.
Plan Risk Responses
The process of developing options and actions to enhance opportunities and to reduce threats to project objectives.
Control Risks
The process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project.
Risk Averse
Someone who does not want to take risks is said to be risk averse.
Residual Risk
A risk that remains after risk responses have been implemented
Risk Register
A document in which the results of risk analysis and risk response planning are recorded. [All identified risks are listed in the Risk Register.]
Risk Audits
Examination and documentation of the effectiveness of risk responses in dealing with identified risks and their root causes as well as the effectiveness of the risk management process.
