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 | R - Realisation to Risk tolerance line | S - T - Senior Responsible Officer to Transfer | Risk - Acronyms

Definitions from E - Enhancement to O - Output

Enhancement

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.

Expected value

This is calculated by multiplying the average impact by the probability percentage.

Exploitation

A risk response for an opportunity. Exploitation refers to changing an activity's scope, suppliers or specification in order to achieve a beneficial outcome.

Gateway reviews

Independent assurance reviews that occur at key decision points within the lifecycle of a programme or project.

Horizon scanning

The systematic examination of potential threats, opportunities and likely future developments which are at the margins of current thinking and planning.

Impact

Impact is the result of a particular threat or opportunity actually occurring.

Inherent risk

The exposure arising from a specific risk before any action has been taken to manage it.

Issue

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.

Issue actionee

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.

Maturity level

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.

Operational risk

Failure to achieve business/organizational objectives due to human error, system failures and inadequate procedure and controls.

Opportunity

An uncertain event that could have a favourable impact on objectives or benefits.

Outcome

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.

Output

The tangible or intangible artefact produced, constructed or created as a result of a planned activity.

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