Project Risk Management

Risk Management Lexicon

This risk management lexicon was compiled in June 1998 by the Project Management Institute’s Risk Special Interest Group. A current list can be found at its Website: www.risksig.com.

acceptance/accepted risk—An approach that does nothing with a risk, but rather prepares for and deals with the consequences of a risk should it occur. No risk management resources are expended dealing with accepted risks. See acceptance rationale.

acceptance rationale—A type of action plan that documents the reason for accepting a risk (doing nothing with it). This is documented for historical reasons.

acquisition—The process of obtaining through ...