Term
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Definition
| an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives. |
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Term
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Definition
| the process of identifying, analyzing, & responding to risk factors throughout the life of a project & in the best interests of its objectives. |
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Term
| Project risk is based on a simple equation.... |
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Definition
| Event Risk = (Probability of Event)(Consequences of Event) |
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Term
| Risk Management: A Four-Stage Process |
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Definition
* Risk Identification
* Analysis of probability and consequences
* Risk mitigation strategies
* Control and documentation |
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Term
| Methods for conducting risk factor identification |
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Definition
Brainstorming meetings
Expert opinion
History
Multiple (or team-based) assessments |
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Term
| Risk Breakdown Structure (RBS). |
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Definition
| a source-oriented grouping of project risks that organizes & defines the total risk exposure of the project. |
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Term
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Definition
| Combines the probability and impact scores of each risk and then ranks them in terms of priority to manage |
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Term
| RISK MITIGATION STRATEGIES |
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Definition
Accept risk
Minimize risk
Share risk
Transfer risk |
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