| Term | Definition |
|---|
| Assumptions analysis | a technique used to examine the validity of an assumption and thereby identify the risk resulting from the inaccuracy, inconsistency, or incompleteness of each assumption. |
| Benchmarking | This is comparing practices, products, or services of a project with those of some reference projects for the purposes of learning, improvement and creating the basis for measuring performance. |
| Confidence level | a statistical term that refers to the certainty attached to an estimate and is often represented in percentage form, such as a 95% confidence level. |
| Contingency | a future event or condition that is possible but cannot be predicted with certainty. In this case, an action will be contingent upon the condition – that is, the action will be executed only if the condition happens. |
| Contingency reserve | the amount of funds, time, or both needed in addition to the estimates in order to met the organizations and stakeholders' risk tolerances and thresholds. |
| Decision tree analysis | a technique that uses a diagram to chose from different options available; each option is represented by a branch of the three. EMV analysis is done along each branch, which helps to make a decision about which option to choose. |
| Delphi technique | An information-gathering technique used for experts to reach a consensus while sharing their ideas and performance anonymously. |
| Expected Monetary Value analysis | a statistical technique used to calculate the expected outcome when there are multiple possible outcome values with probabilities assigned to them. |
| Experiment design | a statistical method that can be used to identify the factors that can influence a set of specific variables of a product or a process under development or in production. |
| Methodology | a system of procedures and techniques practiced in a discipline to accomplish a task. For example, risk management methodology is used in the discipline of project management to determine how risk management processes will be performed. |
| Mitigation | the process of taking actions to reduce or prevent the impact of a disaster that is expected to occur. |
| Model | A set of rules to describe how something works, which takes input and makes predictions as output. |
| Monte Carlo simulation | an analysis technique that randomly generates values for uncertain elements (that is, variables) and takes them as input into a model to generate output. In other words, it simulates a model by feeding randomly selected input values. |
| Performance measurement baseline | An approved plan for the project specifying some parameters to be included in the performance measurements, such as scope, schedule, and cost. The performance of the project is measured against this baseline. Some technique and quality parameters can also become part of this baseline. |
| Quality | the degree to which a set of characteristics of project deliverables and objectives fulfill the project requirements. |
| Project baseline | a criterion that specifies the quality objectives for the project and thereby makes the basis for measuring and reporting the quality performance. |
| Quality management plan | a management plan that describes how the project management team will implement the quality policy of the performing organization for the specific project. |
| Quality metrics | an operational criterion that defines in specific terms what something (such as a characteristic or a feature) is and how the quality control process measures it. |
| Quality planning | the process of identifying the quality standards relevant to the project at hand and determining how to satisfy these standards. |
| Quality policy | overall intentions and high-level direction of an organization with respect to quality, established by the management at executive level. |
| Qualitative risk analysis | a process used to prioritize risks by estimating the probability of their occurrence and their impact on the project. |
| Quantitative risk analysis | a process used to perform the numerical analysis to estimate the effect of each identified risk on the overall project objectives and deliverables. |
| Residual risk | a risk that remains after the risk response has been performed. |
| Risk | an uncertain event or condition that, if it occurs, has a positive or negative effect on meeting the project objectives. |
| Risk breakdown structure | a hierarchical structure that breaks down the identified risk categories into subcategories. In developing this structure, you will end up identifying various areas and causes of potential risks. |
| Risk identification | a process used to identify the risks for a given project and record their characteristics in a document called the risk register. |
| Risk management plan | a document that describes how risk management will be structured and performed for the project at hand. It becomes part of the project management plan. |
| Risk management planning | a process used to determine how to approach, plan, and execute risk management activities for a given project. |
| Risk register | a document that contains the results of risk analysis and risk response planning. |
| Secondary risks | a risk that arises as a result of implementing a risk response. |
| Simulation | any analytical method used to imitate a real-life system. |
| SWOT analysis | a technique used to gather information for risks identification by examining a given project from the perspectives of its strengths, weaknesses, opportunities and threats. |
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