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Related Flashcards
Related Topics
Cards In This Set
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Buffer
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Compensation in the planning for unknown items that could occur;
typically schedule- or cost-related. Sometimes called reserve
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Contingency Plans
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Pre-established actions that the team executes if a known risk event
occurs on the project
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Decision Tree Analysis (Technique)
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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
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Fallback Plans
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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
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Monitor and Control Risks
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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
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Perform Qualitative Risk Analysis
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Analyze risks and
determine the priority of their effects on the project
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Plan Risk Management
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The process of defining responses to opportunities arising within the
project and to threats to the project
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Preventive Action
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Documented activities to execute, if needed, that should minimize (or
eliminate) the impact of a negative risk on the project
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Project Risk Management
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The processes required to manage the uncertainties of a project:
planning, identifying, analyzing, responding, and monitoring and controlling
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Reserves
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Compensation in the planning for unknown items that could occur; is
typically schedule- or cost-related; also commonly called buffer
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Risk
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The possibility of a negative (threat) or positive (opportunity) event
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Risk Avoidance
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Eliminating a
risk or threat, usually by eliminating the cause
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Risk Category
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A grouping of types of risk on a project (Ex: technology, organizational,
customer,market)
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Risk Events
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Events that may impact the project (either negative or positive)
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Risk Management Plan
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A document that details and describes the plan for managing risk over
the life of the project
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