Risk Management (MoR) Dictionary of Terms
This is an A-Z glossary of terms, from the Management of Risk (M_o_R)
. See also dictionaries for Agile Projects, Managing Successful Programmes (MSP) Dictionary, Project Office Dictionary (P30), PRINCE2 and ITIL. See also Project Management Dictionary
A - D
- acceptance to Dis-benefit
| E - O
- Enhancement to output
| P - Q
- Probability to Quality assurance
- Realisation to Risk tolerance line
| S - T
- Senior Responsible Officer to Transfer
| Risk - Acronyms
Definitions from E - Enhancement to O - Output
A risk response for an opportunity. Enhancement of an opportunity refers to both the realisation of an opportunity and achieving additional gains over and above the opportunity.
This is calculated by multiplying the average impact by the probability percentage.
A risk response for an opportunity. Exploitation refers to changing an activity's scope, suppliers or specification in order to achieve a beneficial outcome.
Independent assurance reviews that occur at key decision points within the lifecycle of a programme or project.
The systematic examination of potential threats, opportunities and likely future developments which are at the margins of current thinking and planning.
Impact is the result of a particular threat or opportunity actually occurring.
The exposure arising from a specific risk before any action has been taken to manage it.
A relevant event that has happened, was not planned and requires management action. It could be a problem, query, concern, change request
or risk that has occurred.
A role or individual responsible for the management and control of all aspects of individual issues, including the implementation of the measures taken in respect of each issue.
Management of risk framework
Sets the context within which risks are managed, in terms of how they will be identified, assessed and controlled. It must be consistent and comprehensive, with processes that are embedded in management activities throughout the organization.
A well-defined evolutionary plateau towards achieving a mature process (five levels are often cited: initial, repeatable, defined, managed and optimising).
OGC Gateway ReviewsTM
Independent assurance reviews of major (high-risk) projects in the UK Government. They are mandatory, and occur at key decision points within the lifecycle of a project. See www.ogc.gov.uk for details.
Failure to achieve business/organizational objectives due to human error, system failures and inadequate procedure and controls.
An uncertain event that could have a favourable impact on objectives or benefits.
The result of change, normally affecting real-world behaviour or circumstances. Outcomes are desired when a change is conceived. Outcomes are achieved as a result of the activities undertaken to effect the change.
The tangible or intangible artefact produced, constructed or created as a result of a planned activity.
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