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APM PFQ 7 S7

Glossary for APM Project Fundamentals Qualification

TermDefinition
Risk The potential of situation or event to impact on the achievement of specific objectives.
Threat A negative risk event; a risk event that if it occurs will have a downside / detrimental effect on one or more objectives.
Opportunity A positive risk event that, if it occurs, will have an upside / beneficial effect on the achievement of one or more objectives.
Risk analysis and management A process that allows individual risk events and overall risk to be understood and managed proactively, optimising success by minimising threats and maximising opportunities.
Risk owner The individual or group best placed to assess and manage a risk.
Risk register A document listing identified risk events and their corresponding planned responses. Used interchangeably with risk log and risk repository.
Risk response An action or set of actions to reduce the probability or impact of a threat, or to increase the probability or impact of an opportunity.
Issue A problem that is now, or is about to breach delegated tolerances for work on a project or programme. Issues require support from the sponsor to agree a resolution.
Risk analysis The assessment and synthesis of estimating uncertainty and specific risk events to gain understanding of their individual significance ans / or their combined impact on objectives.
Risk log A document listing identified risk events and their corresponding planned responses. Used interchangeably with risk register and risk repository.
Risk repository A document listing identified risk events and their corresponding planned responses. Used interchangeably with risk log and risk register.
Issue management The process by which concerns that threaten the project objectives and cannot be resolved by the project manager can be identified and addressed to remove the threats that they pose.
Issue register A document listing all issues raised during a project or programme, showing details of each issue, its evaluation, what decisions were made and its current status. Used interchangeably with issue log
Issue log A document listing all issues raised during a project or programme, showing details of each issue, its evaluation, what decisions were made and its current status. Used interchangeably with issue register.
Escalation The process by which issues are drawn to the attention of a higher level of management.
Created by: Hilary Small
 

 



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