| Budget reserve | Reserves set up to cover identified risks that may occur and influence baseline tasks or costs. These reserves are typically controlled by the project manager and the project team. See management reserve.
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| Change management system | A defined process for authorizing and documenting changes in the scope of a project.
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| Contingency plan | A plan that covers possible identified project risks that may materialize over the life of the project.
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| Management reserve | A percentage of the total project budget reserved for contingencies. The fund exists to cover unforeseen, new problems–not unnecessary overruns. The reserve is designed to reduce the risk of project delays. Management reserves are typically controlled by the project owner or project manager. See budget reserve.
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| Mitigating risk | Action taken to either reduce the likelihood that a risk will occur and/or the impact the risk will have on the project.
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| Risk | The chance that an undesirable project event will occur and the consequences of all its possible outcomes.
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| Risk profile | A list of questions that addresses traditional areas of uncertainty on a project.
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| Risk severity matrix | A tool used to assess the impact of risks on a project.
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| Scenario analysis | A process in which potential risk events are identified and analyzed.
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| Sharing risk | Allocating proportions of risk to different parties.
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| Transferring risk | Shifting responsibility for a risk to another party.
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