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Monday, June 11, 2012

Important Risk Related Definitions

In the previous chapter we learnt about the Project Environmental Factors that may affect our project. Before we go any further, let us stop for a moment and take a look at some of the important definitions that we will be using henceforth throughout this series on the Risk Management Professional certification exam prep.

We may have some of these definitions already in the previous chapters. But, they are still here for the sake of completeness so that we cover all these important terms in one place.

Risk – A Risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on the projects objectives

Issue – An Issue is something that is occurring now in the present. You know about it and it is being dealt with. An Issue is a threat that has already materialized. They are kept track of using an Issue Log.

Risk Event – A Risk Event is the description of a scenario that may occur if the risk were to materialize

Risk Triggers – Risk Triggers are signs or indications that a risk event is about to occur or has already occurred. These are also known as Risk Symptoms or Warning Signs.

Risk Management Plan – The Risk Management Plan is the document that describes how the risk management processes will be carried out in our project. It describes how risk management will be planned; risks will be identified, analyzed & prioritized, responded, monitored and controlled.

Risk Register – The Risk Register is a document that contains all the identified risks, the results of risk analysis, the proposed risk responses and the current status of each of the identified risks

Risk Breakdown Structure – The Risk Breakdown Structure (Or RBS) is a hierarchical breakdown of risks organized by risk categories or impact

Probability – The term Probability refers to the chances that a risk may occur

Impact – The term Impact refers to the effect that a particular risk event will have on our project if it occurs

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Next: Types of Risks

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