This is the evaluated likelihood of a particular threat or opportunity actually happening, including a consideration of the frequency with which this may arise.

Product

An input or output, whether tangible or intangible, that can be described in advance, created and tested. Also known as an output or deliverable.

A temporary, flexible organization structure created to co-ordinate, direct and oversee the implementation of a set of related projects and activities in order to deliver outcomes and benefits related to the organization's strategic objectives. A programme is likely to have a life that spans several years.

Risk concerned with transforming high-level strategy into new ways of working to deliver benefits to the organization.

A temporary organization that is created for the purpose of delivering one or more business products according to a specified business case.

Project risk

Project risks are those concerned with the successful completion of the project. Typically these risks include personal, technical, cost, schedule, resource, operational support, quality and supplier issues.

Proximity (of risk)

The time factor of risk, i.e. the occurrence of risks will be due at particular times, and the severity of their impact will vary depending on when they occur.

Assurance that products will be fit for purpose or meet requirements.