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C722 - module 20

Project Management

TermDefinition
risk any uncertainty in an event or condition that may impact the project
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 refers to measurements along the level of uncertainty or the level of impact at which a stakeholder may have a specific interest
risk management is the proactive planning for risk and opportunities that occur at most steps of the project management process from the time you define the project and create the charter to all the project management planning through execution of the project
risk responses avoidance, mitigation, transfer, acceptance
avoidance During the planning, the team identifies the risk and sets a path to avoid the risk
mitigation is when the team acts in some fashion to reduce the impact or likelihood of the risk occurring
transfer transfer them to somewhere or someone else
acceptance simply accept the risk and costs involved
opportunity management acceptance, enhancing the opportunity, sharing the opportunity
acceptance of the opportunity is a given. Should it happen, you will welcome it and use the benefits to your advantage
enhancing the opportunity would be worthy of an investment if you think you can take action to make certain the opportunity happens
sharing the opportunity with your partners will help everyone to benefit from opportunity.
risk categories organization, external, technical
organization resources, funding, priorities, competition with other projects, and reliance or dependencies on other actions in the organization.
external partners or contractors, regulation or government, competitive market influences, customer expectations and availability, environmental factors such as weather, etc
technical technology availability and cost, complexity of the technical requirements, performance and reliability, quality, project requirements, costs, etc
risk register lists all risks (external, technical, or organizational) and assigns scores for probability and severity
Probability Severity (P*S) score helps you prioritize the risks appropriately
Created by: drister05
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