PRINCE2 Glossary of Terms

R - records to role description

This is an A-Z glossary of terms, from the 2009 edition. PRINCE2® is a registered trade mark of AXELOS Limited. View the Agile Dictionary. Full ITIL glossary of terms. See also Risk Management Dictionary.

A - accept to avoid | B - baseline to Business Case | C - centre of excellence to customer's quality expectations | D - Daily Log to DSDM Atern | E - embedding (PRINCE2) to exploit | F - H - fallback to host site | I - impact to Issue Report | L - O - Lesson Log to output | P - performance targets to Project Support | Q - quality to quality tolerance | R - records to role description | S - schedule to supplier | T - tailoring to trigger | U - W - user acceptance to Work Package

records

Dynamic management products that maintain information regarding project progress.

reduce (risk response)

A response to a risk where proactive actions are taken to reduce the probability of the event occurring by performing some form of control, and/or to reduce the impact of the event should it occur.

registers

Formal repositories managed by the Project Manager that require agreement by the Project Board on their format, composition and use. PRINCE2 has three registers: Issue Register, Risk Register and Quality Register.

reject (risk response)

A response to a risk (opportunity) where a conscious and deliberate decision is taken not to exploit or enhance an opportunity, having discerned that it is more economical to do so than to attempt a risk response action. The opportunity should continue to be monitored.

release

The set of products in a handover. The contents of a release are managed, tested and deployed as a single entity. See also ‘handover’.

reports

Management products providing a snapshot of the status of certain aspects of the project.

request for change

A proposal for a change to a baseline. It is a type of issue.

residual risk

The risk remaining after the risk response has been applied.

responsible authority

The person or group commissioning the project (typically corporate or programme management) who has the authority to commit resources and funds on behalf of the commissioning organization.

reviewer

A person or group independent of the producer who assesses whether a product meets its requirements as defined in its Product Description.

risk

An uncertain event or set of events that, should it occur, will have an effect on the achievement of objectives. A risk is measured by a combination of the probability of a perceived threat or opportunity occurring, and the magnitude of its impact on objectives.

risk actionee

A nominated owner of an action to address a risk. Some actions may not be within the remit of the risk owner to control explicitly; in that situation there should be a nominated owner of the action to address the risk. He or she will need to keep the risk owner apprised of the situation.

risk appetite

An organization’s unique attitude towards risk taking that in turn dictates the amount of risk that it considers is acceptable.

risk estimation

The estimation of probability and impact of an individual risk, taking into account predetermined standards, target risk levels, interdependencies and other relevant factors.

risk evaluation

The process of understanding the net effect of the identified threats and opportunities on an activity when aggregated together.
The systematic application of principles, approaches and processes to the tasks of identifying and assessing risks, and then planning and implementing risk responses.

Risk Management Strategy

A strategy describing the goals of applying risk management, as well as the procedure that will be adopted, roles and responsibilities, risk tolerances, the timing of risk management interventions, the tools and techniques that will be used, and the reporting requirements.

Download a Risk Management Strategy - Template in Mind map, Word or PDF format

risk owner

A named individual who is responsible for the management, monitoring and control of all aspects of a particular risk assigned to them, including the implementation of the selected responses to address the threats or to maximize the opportunities.

risk profile

A description of the types of risk that are faced by an organization and its exposure to those risks.
A record of identified risks relating to an initiative, including their status and history.

Download a Risk Register - Template in Mind map, Word or PDF format

risk response

Actions that may be taken to bring a situation to a level where exposure to risk is acceptable to the organization. These responses fall into a number of risk response categories.

risk response category

A category of risk response. For threats, the individual risk response category can be avoid, reduce, transfer, accept or share. For opportunities, the individual risk response category can be exploit, enhance, reject or share.

risk tolerance

The threshold levels of risk exposure which, when exceeded, will trigger an Exception Report to bring the situation to the attention of the Project Board. Risk tolerances could include limits on the plan’s aggregated risks (e.g. cost of aggregated threats to remain less than 10% of the plan’s budget), or limits on any individual threat (e.g. any threat to operational service). Risk tolerance is documented in the Risk Management Strategy.

risk tolerance line

A line drawn on the summary risk profile. Risks that appear above this line cannot be accepted (lived with) without referring them to a higher authority. For a project, the Project Manager would refer these risks to the Project Board.

role description

A description of the set of responsibilities specific to a role.


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