Risk: an element of uncertainty that might have a detrimental or beneficial influence on attaining project goals.
Risk Event: a probable incident or situation that cannot be completely forecast and might affect the project’s time, cost, quality, or overall scope.
Risk Management: a methodical approach to identifying, analysing, and documenting possible risks, as well as active monitoring and response during project execution.
Risk Matrix: a table that detects risks and categorizes them based on likelihood (of the risk event occurring) and project impact.
Risk Analysis: the process of identifying and quantifying possible risks, their likelihood of occurrence, and their potential project impacts. A risk matrix displays the findings of the risk analysis.
Risk Response Strategy: a sort of activity that may be taken to respond to risk and limit the consequences of risk events—usually by reducing negative effects on a project’s scope, timeline, deliverable quality, or cost. Risk response techniques are classified by the PMI into three groups: avoidance, mitigation, and transference.
Risk Register: a document that includes the entire results of risk analysis and planning, generally in tabular style. It usually contains all of the information from a risk matrix (risks arranged by category, description, and likelihood indicators), as well as information on risk responses.
Risk Management Plan: a delineation of risk monitoring roles and the measures to be performed in response to risk events
Risk Planning and application of risk management practises –
- Elevates the profile of a GIS project by articulating its value to the business and assisting top management in maintaining support and resources.
- Positions the project in a far better position to deal with difficulties and changes early on and act to minimize or mitigate negative consequences;
- Offers the project team confidence that unanticipated occurrences will be addressed systematically.
