The process of identifying, analyzing, and evaluating potential risks to minimize their impact on project objectives.

Plans developed to reduce the likelihood or impact of identified risks, ensuring project stability.

The practice of engaging with stakeholders to convey risk information, ensuring transparency and trust.

The ongoing process of tracking identified risks, evaluating their status, and adjusting mitigation strategies as necessary.

Unknown factors that can affect project outcomes, requiring careful identification and management.

An assessment method that evaluates risks based on their characteristics and potential impact without numerical data.

A numerical approach to risk assessment that quantifies risks and their potential impacts on project objectives.

A tool used to prioritize risks by plotting their likelihood against their impact, aiding in decision-making.

Preparing alternative plans to address high-impact risks should they occur, ensuring project resilience.

A comprehensive document listing all identified risks, their analysis, and corresponding mitigation strategies.

A strategic planning tool used to identify Strengths, Weaknesses, Opportunities, and Threats related to a project.

The process of involving stakeholders in decision-making to enhance project outcomes and satisfaction.

The process of comparing estimated risks against risk criteria to determine their significance.

Metrics used to evaluate the success of risk management strategies and overall project performance.

The initial phase of risk management involving the discovery and documentation of potential risks.

Structured methodologies that guide the assessment and prioritization of risks in a project.

Creating detailed steps and responsibilities for implementing mitigation strategies for identified risks.

Monitoring identified risks throughout the project lifecycle to ensure timely responses and adjustments.

A strategy outlining how risk information will be shared with stakeholders to ensure understanding and action.

The ability to adjust risk management strategies in response to changing project conditions and new information.

The shared values and behaviors within an organization that influence how risks are managed.

Regularly scheduled discussions among project team members to assess risk status and update strategies.

The process of embedding risk management practices into overall project planning and execution.

Methods used to assign numerical values to risks based on their likelihood and impact for prioritization.

An approach that emphasizes anticipating risks and implementing measures to prevent or minimize their impact.

A strategy that focuses on responding to risks after they have occurred, often leading to crisis management.