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Risk, issue mgmt

APM PMQ Competence 23 terminology

TermDefinition
Accept A response to a threat where no course of action is taken.
Avoid A response to a threat that eliminates its probability or impact or both.
Contingency Provision of additional time or money to deal with the occurrence of risks should they occur.
Enhance A response to an opportunity that increases its probability, impact or both on the project.
Escalation The process by which issues are drawn to the attention of a higher level of management.
Exploit A response to an opportunity that maximises both its probability and impact.
Impact (Risk) The change in outcome as a result of a risk event occurring.
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.
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.
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.
Management reserve A sum of money that is part of overall cost contingency to cover the cost impact of unidentified risks and potentially some already identified very low probability, very high-impact risks.
Opportunity A positive risk event that, if it occurs, will have an upside / beneficial effect on the achievement of one or more objectives.
Probability The likelihood of a risk event occurring.
Project risk Exposure of stakeholders to the consequences of variation in outcome.
Reduce A response to a threat that reduces its probability, impact or both.
Reject A response to an opportunity where no action is taken.
Risk The potential of situation or event to impact on the achievement of specific objectives.
Risk analysis The assessment and synthesis of estimating uncertainty and specific risk events to gain understanding of their individual significance and/ or their combined impact on objectives.
Risk appetite How much risk investors are willing to tolerate in achieving their objectives. Expressed as risk thresholds or tolerances.
Risk attitude The perception driven choice of a person or group about an individual risk, or overall riskiness of a project, programme or portfolio.
Risk context The institutional and individual environment, attitudes and behaviours that affect the way risk arises and the way it should be managed.
Risk log A document listing identified risk events and their corresponding planned responses. Used interchangeably with risk register and risk repository.
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.
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 repository A document listing identified risk events and their corresponding planned responses. Used interchangeably with risk log and risk register.
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.
Share A risk management response to an opportunity that increases its probability, impact or both by sharing the risk with a third party.
Threat A negative risk event; a risk event that if it occurs will have a downside / detrimental effect on one or more objectives.
Tolerance A level of delegated permission to vary performance from specified parameters.
Transfer A response to a threat that reduces its probability, impact or both by transferring the risk to a third party.
Created by: CITI
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