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An informal approach used to generate ideas and identify risks by engaging a group of people in a discussion. It is used in the initial stages of risk assessment to create a comprehensive list of potential risks.

A technique that identifies strengths, weaknesses, opportunities, and threats related to business competition or project planning. It is used to assess the strategic position of a business or project.

Standardized lists of risk categories or common risks within a project or industry used as a reminder of points to consider. They are often used as a starting point in risk identification.

A method of eliciting estimates by using a panel of experts who anonymously contribute their views and converge towards a consensus over several rounds. It is used when expert opinion is needed and direct discussion is impractical or may cause bias.

A step-by-step approach for identifying all possible failures in a design, manufacturing or assembly process, or a product or service. It is used to anticipate potential failures and mitigate associated risks.

A computational technique that uses random sampling and statistical modeling to estimate the probability of different outcomes in a process that cannot easily be predicted due to the intervention of random variables. It is commonly used in quantitative risk assessment.

A problem-solving method used to identify the underlying causes that lead to events or risks, rather than merely addressing the obvious symptoms. It is used after a risk event occurs to prevent future occurrences.

A risk register is a tool used to document all identified risks, their severity, and the actions steps to manage these risks. It is used throughout the project lifecycle to keep track of the risk management process.

A technique used to determine how different values of an independent variable affect a particular dependent variable under a given set of assumptions. This technique is used to predict the outcome of a decision when there is uncertainty in the input variables.

The use of expertise to make informed estimates and decisions about risks. This technique is used when there is no adequate data or when a rapid judgment is required.

A graphical representation of decisions and their possible consequences, including chance event outcomes, resource costs, and utility. It is used to create a plan to reach a goal by providing a systematic approach to making decisions.

A diagram that visualizes the risk management process from identification of hazards to the realization of impacts and the control measures to prevent or mitigate these risks. It is used for analyzing and communicating the pathway of a risk.

A grid for mapping the probability of each risk occurring against the impact that the risk would have if it did occur. It is used to prioritize risks and decide on the level of management each risk requires.

The process of analyzing possible future events by considering alternative possible outcomes (scenarios). It is used in risk management for establishing plans that can address specific future events.