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Risk Management Knowledgebase

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Target Date Date imposed on an activity or project.
Task Also called an activity. Tasks take place over a period of time and generally consumes resources.
Terminate Risks Some risks will only be treatable, or containable to acceptable levels, by terminating the activity.
This option can be particularly important in project management if it becomes clear that the projected cost / benefit relationship is in jeopardy.
Terrorism Risk Insurance Compensation for losses resulting from acts of terrorism.
Test Plan A document describing the scope, approach, resources, and schedule of intended testing activities.
It identifies test items, the features to be tested, the testing tasks, who will do each task, and any risks requiring contingency planning.
Test Script Commonly used to refer to the instructions for a particular test that will be carried out by an automated test tool.
Time Sheet A means of recording the actual effort expended against project and non-project activities.
ToDo list A ToDo list is a list of tasks. Each user has a ToDo list.
This can comprise, but is not limited to, tasks in a project plan, actions from meeting, issues to be resolved, risks to be managed or tasks delegated through line management.
Tolerability Level The amount of risk which is judged to be tolerable and justifiable can be called the risk tolerability level.
An accepted level of risk in order to achieve certain benefits.
Tolerable Risk A risk may be tolerable without any further action being taken.
Even if it is not tolerable, ability to do anything about some risks may be limited, or the cost of taking any action may be disproportionate to the potential benefit gained.
In these cases the response may be to tolerate the existing level of risk. This option may be supplemented by contingency planning for handling the impacts that will arise if the risk is realised.
Top Ten The most important risks that an organisation is currently facing.
Total Cost Of Ownership (TCO) Calculated including depreciation, maintenance, staff costs, accommodation, and planned renewal.
Tracking Collecting actual time, cost and resource information.
Transfer Risks For some risks the best response may be to transfer them. This might be done by conventional insurance, or it might be done by paying a third party to take the risk in another way.
This option is particularly good for mitigating financial risks or risks to assets.
The transfer of risks may be considered to either reduce the exposure of the organisation or because another organisation is more capable of effectively managing the risk.
Trust People tend to be more concerned if, not having personal control over the risks involved, they also do not trust those responsible for managing the risk on their behalf.
People may be concerned about a risk because of the organisation general reputation, even if there is no evidence that the risk in question has been mismanaged or poorly regulated.
Trust only develops over time, and can quickly be lost.

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