Qualitative and quantitative risk analysis vocabulary and risk response strategies used across project management frameworks.
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- What is risk in project management?
- An uncertain event or condition that could have positive or negative effects on project objectives.
- Define risk identification.
- The process of determining which risks might affect the project and documenting their characteristics.
- What is qualitative risk analysis?
- Assessing risks by assigning probability and impact categories (high, medium, low) without numerical values.
- What is quantitative risk analysis?
- Numerically analyzing probability and impact of risks using mathematical models to estimate overall project risk.
- What is a risk register?
- A document that records identified risks, including description, analysis, owners, and response plans.
- Define probability in risk analysis.
- The likelihood or chance that a risk event will occur.
- Define impact in risk analysis.
- The consequence or effect that would result if a risk event occurs.
- What is a risk matrix?
- A grid that plots risks using probability and impact axes to categorize and prioritize them.
- Define risk appetite.
- The total amount or type of risk that an organization is willing to pursue or accept.
- Define risk tolerance.
- The acceptable variation from planned or expected project outcomes.
- What is risk mitigation?
- A response strategy that reduces the probability or impact of an identified risk.
- What is risk avoidance?
- A response strategy that eliminates the risk by changing project scope, approach, or objectives.
- What is risk acceptance?
- A response strategy that acknowledges a risk and plans to deal with it if it occurs, with no prevention attempt.
- What is risk transference?
- A response strategy that shifts responsibility for a risk to a third party, such as through insurance or outsourcing.
- What is risk escalation?
- Moving a risk to higher-level management or authority outside the project team.