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