Risk Identification and Planning 3.1

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Last updated 3:39 PM on 6/9/26
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15 Terms

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Acceptance
A risk strategy where an organization acknowledges a risk and decides to tolerate it without taking immediate action to mitigate it.
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Avoidance
A risk strategy that involves refraining from activities or decisions that carry significant risk, aiming to prevent any possible harm or loss altogether.
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Mitigation
A risk strategy to reduce the impact or likelihood of risks, involving planning and implementing measures to manage, eliminate, or limit the setbacks from these risks.
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Risk
Any unforeseen event that could impact a project in either a positive or a negative manner.
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Risk Management
An activity performed by the project manager and project team with the intention of identifying risks to a project and preparing ways in which to handle those risks should they occur.
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Risk Management Plan
A set of documents or plans that identify the risks associated with a project, how likely these risks are to occur, the impact on the project should they occur, and potential risk responses to help manage the risks.
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Transfer
A risk strategy used to shift the financial responsibility for potential losses from one party to another.
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Risk Assessment
Occurs after a risk has been identified and determines the impact on the project if the risk occurs and the likelihood of it happening.
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Risk Breakdown Structure (RBS)
A part of the risk management plan that provides a visual representation of the risks that have been identified.
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Risk Identification
The process of determining potential risks in the project. This is often done in the project team during brainstorming sessions.
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Risk Likelihood/Impact Chart
A part of the risk management plan that provides a graphical representation of how risks are categorized based on their impact and likelihood of occurring.
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Risk Register
A list of all risks associated with the project, the person responsible for monitoring and managing each risk, the likelihood of the risks, and the impact should the risks occur.
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Contingency Plan
Outlines specific actions to take if a certain risk occurs.
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Risk Mitigation Plan
A proactive strategy intended to avoid an identified risk from occurring.
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Risk Response
Identifies what the project team will do to help minimize the impact of a risk.