Brainstorming
A process by which a group of people attempt to find a solution to a problem or generate ideas towards a goal spontaneously without judging others in the group
Buffer
Compensation in the planning for unknown items that could occur; typically schedule or cost-related
Contingency Reserves
(Output/Input)
Reserves that can help mitigate schedule or cost issues (risk), in the case of changes with the scope or quality on the project.
Expected Monetary Value (EMV)
(Analysis)
the product of multiplying the monetary value impact and probability of the risk event.
Monte Carlo Analysis
A technique used to stimulate the outcome of a project many times to determine the range of possible outcomes and the probability of their occurrence.
Quantitative Risk Analysis
The process of measuring the probability and impact of the risks and estimating the impact on the project.
Reserves
Compensation in the planning for unknown items that could occur, typically schedule- or cost-related; also commonly called buffer
Risk
The possibility of a negative (threat) or positive (opportunity) event (it can also be same definition as Risk Events)
Risk Averse
Possessing a low desire or tolerance for risk.
Risk Breakdown Structure (RBS)(Tool)
A decomposition of the risk categorization, and the risks within those categories that could occur on a project.
Risk Events
Events that may impact the project (either negative or positive) It can also be the same definition as Risk.
Risk Mitigation
Minimizing the impact of a risk event by minimizing the likelihood (probability) of its occurrence.
Risk-Neutral
A middle ground between the risk taken and the benefit received.
Risk Seeking
Possessing a higher tolerance than most for risk.
Risk Symptoms
Characteristics which indicate that a risk event is possibly starting to happen.
Risk Tolerance
The level of satisfaction from a potential risk payoff.
Risk Utiity
The level of satisfaction from a potential risk payoff.
Secondary Risk
Risks that result from the execution of a risk response.
Strengths, Weaknesses, Opportunities and Threats (SWOT) Analysis
A risk analysis technique which considers the strengths, weaknesses, opportunities and threats of the project to facilitate a more knowledgeable risk management analysis.
Workaround (Technical)
A response to a risk that wasn’t planned.
Contingency Allowance
Compensation in the planning for unknown items that could occur, typically schedule- or cost related.
Contingency Plans
Pre-established actions that the team executes if a known risk event occurs on the project.
Decision Tree Analysis (Technique)
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/
Fallback Plans
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.
Preventive Actions
Documented activities to execute if needed that should minimize (or eliminate) the impact of a negative risk on the project.
Probability and Impact Matrix (Tool)
A tool used to determine where a risk fits on a project. The typical rating is high, medium, or low for probability and impact.
Qualitative Risk Analysis
Analyzing risks and determining the priority of their effects on the project.
Residual Risk
Risk that remains after response strategies have been applied.
Risk Avoidance
Eliminating a risk or threat, usually by eliminating the cause.
Risk Category
A grouping of types of risk on a project. (Ex:technology, organizational, customer, market)
Risk Database
A data repository that stores and manipulates information associated with the risk management processes.
Risk Factors
Numbers representing the risk of certain events, the likelihood of their happening plus the impact on the project. (if the event does happen)
Risk Identification
The process of determining which risks can impact a project and the documentation of their properties or characteristics.
Risk Management Plan
A document that details and describes the plan for managing risk over the life of the project.
Risk Monitoring and Control
The process of monitoring known risks, reducing any risks, identifying any new risks, and monitoring risk reduction over the life of the project.
Risk Register(Output/Input)
The documented results of the Risk Management Planning which can include the outputs of Qualitative Risk Analysis and Quantitative Risk Analysis, as well as Risk Response Planning.
Risk Transference
Allocating the responsibility for an impact of the risk event to another party.
Risk Triggers
Characteristics which indicate that a risk is possibly starting to happen. (it can also be same definition as Trigger)
Sensitivity Analysis
A technique used in risk management that helps show which risks will likely have the most impact in the project.
Threat
A negative risk to the project.
Trigger
A signal that a risk event could occur or has occurred. (It can also be same definition as Risk Triggers)

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