Risk appetite
The degree of uncertainty an entity is willing to take on in anticipation of a reward
risk tolerance
the degree, amount, or volume of risk that an organization or individual will withstand
risk threshold
measures along the level of uncertainty or the level of impact at which a stakeholder may have a specific interest
risk management plan
a component of the project, program, or portofolio management plan that describes how risk management activities will be structured and performed
procurement documents
the documents used in bid and proposal activities, which include the buyer's invitation for bid, invitation for negotiations, request for information, request for quotation, request for proposal, and seller's responses
root cause analysis
a specific technique used to identify a problem, discover the underlying causes that lead to it, and develop preventive action
influence diagrams
a graphical representation of situations showing causal influences, time ordering of events, and other relationships among variables and outcomes
SWOT analysis
analysis of strengths, weaknesses, opportunities, threats of an organization, project or option
risk register
a document in which the results of risk analysis and risk response planning are recorded
probability and impact matrix
a grid for mapping the probability of each risk occurrence and its impact on project objectives if that risk occurs
risk data quality assessment
technique to evaluate the degree to which the data about risks is useful for risk management
risk categorization
organization by sources of risk, the area of the project affected, or other useful category to determine the areas of the project most exposed to the effects of uncertainty
risk urgency assessment
review and determination of the timing of actions that may need to occur sooner than other risk items.
quantitative risk analysis and modeling techniques
commonly used techniques for both event-oriented and project-oriented analysis approaches
sensitivity analysis
a quantitative risk analysis and modeling technique used to help determine which risks have the most potnetial impact on the project. it examines the extent to which the ncertainty of each project element affects the objective being examined when all othe
expected monetary value analysis
a statistical technique that calculates the average otucome when the future includes scenarios that may or may not happen. a common use of this technique is within decision tree analysis.
avoid
a risk response strategy whereby the project team acts to eliminate the threat or protect the project form its impact
transfer
a risk response strategy whereby the project team shifts the impact of a threat to a third party, together with ownership of the response
mitigate
a risk response strategy whereby the project team acts to reduce the probability of occurrence or impact of a risk
accept
a risk response strategy whereby the project team decides to acknowledge the risk and not take any action unless the risk occurs
contingent response strategies
responses provided which may be used in the event that a specific trigger occurs