For this second part of the assignment I would like you to take five (5) of the above definitions / concepts and provide an example that would clearly make this concept understandable beyond its definition. Concept Example (This cannot be the definition, it needs to be a real example or situation which provides better understanding at to that concept) - DURHAM # Test your knowledge of Risk Terms - What letter definition belongs to a number on the left COLLEGE 1. Exploit SUCCESS MATTERS a. Set of actions and tasks to be executed if a risk occurs. 2. Opportunity b. A method of numerically analyzing risks. 3. Threat c. Assign a risk to someone else, typically through a contract or insurance. 4. Trigger d. Increase the probability or impact of an opportunity. 5. Risk e. The potential effect on the schedule, cost, quality, or performance. f. Reduce the probability or impact of a threat. 6. Management reserve g. Events that may have a positive effect on one or more project objectives. 7. Quantitative risk analysis h. A set of actions to be executed if the contingency plan fails. 8. Secondary risk i. A method of subjectively analyzing risks. 9. Enhance j. Increase the probability or impact making an opportunity highly probable. k. An uncertain event or condition that, if it occurs, has a positive or negative 10. Contingency plan effect on one or more project specifications. 11. Impact 1. An amount of the project budget for responding to identified risks 12. Contingency reserve m. The individual responsible for monitoring a risk and executing response plans if the risk occurs. 13. Risk owner n. Likelihood that a risk will occur. 14. Probability o. A repository used to capture risks, risk ratings, risk owners, and risk response 15. Transfer plans. 16. Fallback plan p. Risks created by the response to another risk. q. A plan that describes the risk management methodology-how risks will be 17. Risk management plan identified, evaluated, responded to, and controlled; part of the project plan. 18. Mitigate r. An amount of the project budget for responding to unidentified risks. 19. Risk register S. A risk that would have a negative effect on one or more project objectives. t. An event or situation that indicates that a risk is about to occur. 20. Qualitative risk analysis