Terminology

No	Word	Definition
1	Risk probability and impact assessment/ probability and impact matrix	These two tools aids in determining the highest priorities through the evaluation of the probability of each risk occurring, and its potential impact on the project.
2	Probability distributions	These are a mathematical representation of the probability of risk events occurring (uncertain events)
3	Sensitivity analysis	This analysis is used to determine which risks have the greatest potential impact on the project.
4	Decision tree analysis	This is a flow diagram usually structured where each node (represented by a rectangle) describes the risk aspect and its cost.
5	Expected monetary value analysis (EMV)	This is a statistical concept that calculates the average outcome when the future includes uncertain events, whether opportunities or risks.
6	Monitor and control risk	This is a process which involves tracking indentified risks, monitoring residual risks, identifying new risks, executing risk response plans as well as evaluating their effectiveness throughout the project life cycle.

Terminology

No	Word	Definition
7	Variance and trend analysis	This is executed on the base of work performance information and the outcome from these analyses may forecast potential deviation from the baseline plan which may in turn indicate potential threats or opportunities.
8	Technical performance measurement	This is used to compare deliverables against the plans in a quantitative way (number of defects, response times...etc.). Thus indicate the degree of technical risks faced by the project.