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APM PFQ 7 S7
Glossary for APM Project Fundamentals Qualification
| Term | Definition |
|---|---|
| Risk | The potential of situation or event to impact on the achievement of specific objectives. |
| Threat | A negative risk event; a risk event that if it occurs will have a downside / detrimental effect on one or more objectives. |
| Opportunity | A positive risk event that, if it occurs, will have an upside / beneficial effect on the achievement of one or more objectives. |
| Risk analysis and 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. |
| Risk owner | The individual or group best placed to assess and manage a risk. |
| Risk register | A document listing identified risk events and their corresponding planned responses. Used interchangeably with risk log and risk repository. |
| Risk response | An action or set of actions to reduce the probability or impact of a threat, or to increase the probability or impact of an opportunity. |
| Issue | A problem that is now, or is about to breach delegated tolerances for work on a project or programme. Issues require support from the sponsor to agree a resolution. |
| Risk analysis | The assessment and synthesis of estimating uncertainty and specific risk events to gain understanding of their individual significance ans / or their combined impact on objectives. |
| Risk log | A document listing identified risk events and their corresponding planned responses. Used interchangeably with risk register and risk repository. |
| Risk repository | A document listing identified risk events and their corresponding planned responses. Used interchangeably with risk log and risk register. |
| Issue management | The process by which concerns that threaten the project objectives and cannot be resolved by the project manager can be identified and addressed to remove the threats that they pose. |
| Issue register | A document listing all issues raised during a project or programme, showing details of each issue, its evaluation, what decisions were made and its current status. Used interchangeably with issue log |
| Issue log | A document listing all issues raised during a project or programme, showing details of each issue, its evaluation, what decisions were made and its current status. Used interchangeably with issue register. |
| Escalation | The process by which issues are drawn to the attention of a higher level of management. |
Created by:
Sarah Ironmonger
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