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APMPFQ_Terminology_7

Section 7: Risk and Issue Management

TermDefinition
Exploit A response to an opportunity that maximises both its probability and impact.
Opportunity A positive risk event that, if it occurs, will have a beneficial effect on achievement of objectives.
Reduce A response to a threat that reduces its probability, impact or both on the project.
Risk The potential of an action or event to impact on the achievement of objectives.
Risk management A process that allows individual risk events and overall risk to be understood and managed proactively, optimising success by minimising threats and maximising opportunities.
Share A response to an opportunity that increases its probability, impact or both on the project by sharing the risk with a third party.
Threat A negative risk; a risk that if it occurs will have a detrimental effect on the objectives.
Transfer A response to a threat that reduces its probability, impact or both on the project by transferring the risk to a third party.
Escalation The process by which issues are drawn to the attention of a higher level of management.
Avoid A response to a threat that eliminates its probability or impact on the project.
Issue A formal issue occurs when the tolerances of delegated work are predicted to be exceeded or have been exceeded. This triggers the escalation of the issue from one level of management to the next in order to seek a solution.
Accept A response to a threat where no course of action is taken.
Risk appetite The tendency of an individual or group to take risk in a given situation.
Risk attitude The response of an individual or group to a given uncertain situation.
Risk context Describes the institutional and individual environment, attitudes and behaviours that affect the way risk arises and the way it should be managed.
Enhance A response to an opportunity that increases its probability, impact or both on the project.
Created by: Sarah Ironmonger
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