Page 32 - Risk Management Bulletin February 2024

RMAI BULLETIN FEBRUARY 2024

Glossary

Perform Qualitative Risk Analysis Probability and Impact Matrix
The process of prioritizing risks for further analysis or A grid for linking or mapping the probability of
action by assessing and combining their probability of occurrence of each risk and its impact on project
occurrence and impact. objectives if that risk occurs.

Perform Quantitative Risk Analysis Procedure
The process of numerically analyzing the effect of An established method of accomplishing a consistent
identified risks on overall project objectives. performance or result, a procedure typically can be
described as the sequence of steps that will be used
Plan Risk Management to execute a process.
The process of defining how to conduct risk
management activities for a project. Process
A systematic series of activities directed toward
Plan Risk Responses causing an end result such that one or more inputs will
The process of developing options and actions to be acted upon to create one or more outputs.
improve opportunities and reduce threats to project
objectives. Product
An artifact that is produced, is quantifiable, and can
Planning Process Group be either an end item in itself or a component item.
Processes required to establish the scope of the Additional words for products are “material” and
project, refine the objectives, and define the course of “goods.”
action required to attain the objectives that the project
was undertaken to achieve. Program
Related projects, subsidiary programs, and program
Policy activities that are managed in a coordinated manner
A structured pattern of actions adopted by an to obtain benefits not available from managing them
organization such that the organization’s policy can be individually.
explained as a set of basic principles that govern the
organization’s conduct. Program Management
The application of knowledge, skills, tools, and
Portfolio techniques to a program to meet its requirements and
Projects, programs, subsidiary portfolios, and obtain benefits and control not available by managing
operations managed as a group to achieve strategic projects individually.
objectives.
Project Communications Management
Preventive Action It includes the processes required to ensure timely and
An intentional activity that ensures the future appropriate planning, collection, creation, distribution,
performance of the project work is aligned with the storage, retrieval, management, control, monitoring,
project management plan. and ultimate disposition of project information.

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