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Risk : An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives. Opportunity : A risk that would have a positive effect on one or more project objectives. Threat : A risk that would have a negative effect on one or more project objectives. Trigger Condition : An event or situation that indicates that a risk is about to occur. Secondary Risk : A risk that arises as a direct result of implementing a risk response. Risk Register : A document in which the results of risk analysis and risk response planning are recorded. Risk Management Plan : A component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed. Risk Acceptance : A risk response strategy whereby the project team decides to acknowledge the risk and not take any action unless the risk occurs. Risk Avoidance : A risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact. Risk Mitigation : A risk response strategy whereby the project team acts to reduce the probability of occurrence or impact of a risk. Risk Transference : A risk response strategy whereby the project team shifts the impact of a threat to a third party, together with ownership of the response. Probability and Impact Matrix : A grid for mapping the probability of each risk occurrence and its impact on project objectives if that risk occurs. Risk Exposure : Overall project risk exposure results from an accumulation of individual risk impacts for the work to be completed, typically determined by applying probabilistic analysis to the set of individual risks. Probabilistic Risk Assessment : Many commercial probabilistic risk analysis applications employ Monte Carlo simulations of project cost and schedule. Risk Breakdown Structure : A hierarchical representation of risks that is organized according to risk categories. Risk Category : A group of potential causes of risk. What-If Scenario Analysis :