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A risk analysis technique which considers the strengths, weaknesses, opportunities, and threats of the project to facilitate a more knowledgeable risk management analysis
Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis
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A technique used in risk management that helps show which risks will likely have the most impact on the project
Sensitivity Analysis
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The documented results of Risk Management Planning which can include the outputs of Qualitative Risk Analysis and Quantitative Risk Analysis, as well as Risk Response Planning
Risk Register (Output/Input)
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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
Plan Risk Responses
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A technique used to simulate the outcome of a project many times to determine the range of possible outcomes and the probablity of their occurrence
Monte Carlo Analysis
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The process of monitoring known risks, reducing any risks, identifying any new risks, and monitoring risk reduction over the life of the project
Monitor and Control Risks
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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
Decision Tree Analysis (Technique)
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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
Brainstorming
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Compensation in the planning for unknown items that could occur; typicaly schedule-or-cost-related. Sometimes called reserve
Buffer
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Compensation in the planning for unknown items that could occur; typically schedule-or cost-related; also commonly called buffer
Contingency Allowance
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Pre-established actions that the team executes if a known risk event occurs on the project
Contingency Plans
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Reserves that can help mitigate schedule or cost issues (risk), in the case of changes with the scope or quality on the project
Contingency Reserves (Output/Input)
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The product of multiplying the monetary value impact and probability of the risk event
Expected Monetary Value (EMV)(Analysis)
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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
Fallback Plans
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The process of determining which risks can impact a project and the documentation of their properties or characteristics
Identify Risks
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Measure the probablity and impact of the risks and estimate the impact on the project
Perform Quantitative Risk Analysis
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The process of defining responses to opportunities arising within the project and to threats to the project
Plan Risk Management
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Documented activities to execute, if needed, that should minimize (or eliminate) the impact of a negative risk on the project
Preventive Action
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A tool used to determine where a risk fits on a project - The typical rating is high, medium, or low for probability and impact
Probability and Impact Matrix (Tool)
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The processes required to manage the uncertainties of a project: planning, identifying, analyzing, responding, and monitoring and controlling
Project Risk Management
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Compensation in the planning for unknown items that could occur; is typically schedule- or cost-related; also commonly called buffer
Reserves
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A decomposition of the risk categorization, and the risks within those categories that could occur on a project
Risk Breakdown Structure (RBS)(Tool)
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A data repository that stores and manipulates information associated with the risk management processes
Risk Database
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Numbers representing the risk of certain events, the likelihood of their happening, plus the impact on the project (if the even does happen)
Risk Factors
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A document that details and describes the plan for managing risk over the life of the project or program
Risk Management Plan
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Minimizing the impact of a risk event by minimizing the lifelihood (probability) of its occurrence
Risk Mitigation
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Characteristics which indicate that a risk event is possibly starting to happen; could also be called risk triggers
Risk Symptoms
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Analyze risks and determine the priority of their effects of the project
Perform Qualitative Risk Analysis
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A technique to determine the amount of reserves needed for a project
Reserve Analysis
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Risk that remains after response strategies have been applied
Residual Risk
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The possibility of a negative (threat) or positive (opportunity) event
Risk
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Opting to accept the impact or consequences of a risk event
Risk Acceptance
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Eliminating a risk or threat, usually by eliminating the cause
Risk Avoidance
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A grouping of types of risk on a project (e.g., technology, organizational, customer, market)
Risk Category
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Events that may impact the project (either negative or positive)
Risk Events
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Possessing a higher tolerance than most for risk
Risk Seeking
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The level of satisfaction from a potential risk payoff. Also called Risk Utility
Risk Tolerance
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Allocating the responsibility for and impact of the risk event to another party
Risk Transference
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The level of satisfaction from a potential risk payoff. Also called Risk Tolerance
Risk Utility
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Possessing a low desire or tolerance for risk
Risk-Averse
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A middle ground between the risk taken and the benefit received
Risk-Neutral
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Risks that result from the execution of a risk response
Secondary Risks
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A negative risk to the project
Threat
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A signal that a risk event could occur or has occurred
Trigger(s)
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A response to a risk that wasn't planned
Workaround (Technique)
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