 Risk ranking within a project, Individuals risks comparison

within a project.
 Risk ranking compared to other projects , Risk score of
project compared to risk score of other projects.
 Emergent risk, risks which arise later on in a project and which
was not identified earlier.
 Identify Risks , the process of determining which risks may
affect project objectives.
 Risk Review , Looks forward in time to ensure existing risk
response plans are adequate.
 Risk Audit, Evaluates the effectiveness of teams risk
management efforts.
 Risk Trigger, Indications that an identified risk is about to occur.
 Issue, a problem which have a negative effect on a project
objective arising from occurrence of a threat.
 Probability , Likelihood or a measure of how likely an individual
risk is to occur .
 Monte Carlo analysis, Technique that computes the project
cost or schedule many times using input value selected randomly to
calculate the possible total project cost and completion dates.
 Objective, Something toward a project is directed , purpose to
be achieved or a result to be obtained.
 Opportunity, Positive set of events or a risk that if occurred will
have a positive impact on project objectives.
 Overall Project Risk, Represents the effect of uncertainty on
the project as a whole , It is the sum of individual risks and it
represents the exposure of Stakeholders to the variations in project
outcome.
 Response strategy, high level approach to address an
individual risk broken into set of risk actions.
 Risk Action, Detailed task which implements in whole or in part
a response strategy in order to address an individual risk.
 Risk Owner, Person responsible to ensure appropriate risk
strategy is selected and implemented , and for determining suitable
risk actions.
 Risk Action Owner, Person responsible of carrying out the
approved risk actions for responding to given risk , known also as
“Response owner”