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6 - PMP Terminology > Risk Terminology > Flashcards

Risk Terminology Flashcards

1
Q

Brainstorming

A

A data-generating technique which includes team members or subject matter experts for the purpose of solving project problems, identifying project risk, and planning-related activities

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2
Q

Buffer

A

Compensation in the planning for unknown items that could occur; typically schedule- or cost related. Sometimes called reserve

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3
Q

Contingency Allowance

A

Compensation in the planning for unknown items that could occur; typically schedule- or cost related; also commonly called buffer

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4
Q

Contingency Plans

A

Pre-established actions that the team executes if a known risk event occurs on the project

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5
Q

Contingency Reserves (Output/Input)

A

Reserves that can help mitigate schedule or cost issues (risk), in the case of changes with the scope or quality on the project

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6
Q

Decision Tree Analysis (Technique)

A

The product of multiplying the monetary value impact and probability of the risk event; helps an organization make decisions based on potential outcome and impact

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7
Q

Expected Monetary Value (EMV) (Analysis)

A

The product of multiplying the monetary value impact and probability of the risk event

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8
Q

Fallback Plans

A

A type of plan created for risks with a great impact on project goals, to be executed if attempts to minimize the risk are not successful

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9
Q

Identify Risks

A

The process of determining which risks can impact a project and the documentation of their properties or characteristics

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10
Q

Monitor and Control Risks

A

The process of monitoring known risks, reducing any risks, identifying any new risks, and monitoring risk reduction over the life of the project

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11
Q

Monte Carlo Analysis

A

A technique used to simulate the outcome of a project many times to determine the range of possible outcomes and the probability of their occurrence

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12
Q

Perform Qualitative Risk Analysis

A

Analyze risks and determine the priority of their effects on the project

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13
Q

Perform Quantitative Risk Analysis

A

Measure the probability and impact of the risks and estimate the impact on the project

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14
Q

Plan Risk Management

A

The process of defining responses to opportunities arising within the project and to threats to the project

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15
Q

Plan Risk Responses

A

The process of determining what risk responses will be used on risk events and who will be responsible for implementing the responses if the risks occur

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16
Q

Preventive Action

A

Documented activities to execute, if needed , that should minimize (or eliminate) the impact of a negative risk on the project

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17
Q

Probability and Impact Matrix (Tool)

A

A tool used to determine where a risk fits on a project- The typical rating is high, medium, or low for probability and impact.

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18
Q

Project Risk Management

A

The processes required to manage the uncertainties of a project: planning, identifying , analyzing, responding , and monitoring and controlling

19
Q

Reserve Analysis

A

A technique to determine the amount of reserves needed for a project

20
Q

Reserves

A

Compensation in the planning for unknown items that could occur; is typically schedule- or cost-related; also commonly called buffer

21
Q

Residual Risk

A

Risk that remains after response strategies have been applied

22
Q

Risk

A

The possibility of a negative (threat) or positive (opportunity) event

23
Q

Risk Acceptance

A

Opting to accept the impact or consequences of a risk event

24
Q

Risk Avoidance

A

Eliminating a risk or threat, usually by eliminating the cause

25
Q

Risk Breakdown Structure (RBS) (Tool)

A

A decomposition of the risk categorization, and the risks within those categories that could occur on a project

26
Q

Risk Category

A

A grouping of types of risk on a project (Ex: technology, organizational, customer, market)

27
Q

Risk Database

A

A data repository that stores and manipulates information associated with the risk management processes

28
Q

Risk Events

A

Events that may impact the project (either negative or positive)

29
Q

Risk Factors

A

Numbers representing the risk of certain events, the likelihood of their occurring , plus the impact on the project (if the event does occur)

30
Q

Risk Management Plan

A

A document that details and describes the plan for managing risk over the life of the project

31
Q

Risk Mitigation

A

Minimizing the impact of a risk event by minimizing the likelihood (probability) of its occurrence

32
Q

Risk Register (Output/Input)

A

The documented results of Plan Risk Management which can include the outputs of Perform
Qualitative Risk Analysis and Perform Quantitative Risk Analysis, as well as Plan Risk Responses

33
Q

Risk Seeking

A

Possessing a higher tolerance than most for risk

34
Q

Risk Symptoms

A

Characteristics which indicate that a risk event is possibly starting to occur; could also be called risk triggers

35
Q

Risk Tolerance or Risk Utility

A

The level of satisfaction from a potential risk payoff

36
Q

Risk Transference

A

Allocating the responsibility for and impact of the risk event to another party

37
Q

Risk-Averse

A

Possessing a low desire or tolerance for risk

38
Q

Risk-Neutral

A

A middle ground between the risk taken and the benefit received

39
Q

Secondary Risks

A

Risks that result from the execution of a risk response

40
Q

Sensitivity Analysis

A

A technique used in risk management that helps show which risks will likely have the most impact on the project

41
Q

Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis

A

A risk analysis technique which considers the strengths, weaknesses, opportunities, and threats of the project to facilitate a more knowledgeable risk management analysis

42
Q

Threat

A

A negative risk to the project

43
Q

Trigger(s)

A

A signal that a risk event could occur or has occurred

44
Q

Workaround (Technique)

A

A response to a risk that wasn’t planned

6 - PMP Terminology (19 decks)

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