Source: Image of dice and dollars, public domain, http://mrg.bz/C8JYLh
A technique to analyze the impact and probability of each potential risk that is used to determine if actions are required to mitigate a risk.
Identified occurrences that if they occur will have a negative impact on project scope and project success.
Risks that would severely impact project success and potentially kill a project from advancing.
Risks that are very likely to occur and therefore need to be watched closely or mitigated to reduce project impact.
A living document that records project risks during the life-cycles of a project.