A project is deemed to be a Major Crown Project when its estimated cost will exceed $100 million and the Treasury Board (TB) would assess the project as high risk. However, Treasury Board may require any project exceeding the sponsoring minister's delegated project approval authority to be managed as an MCP. As well, provision is made in this policy for a sponsoring department to request approval from Treasury Board to manage a project exceeding $100 million but of lesser risk within a tailored MCP regime or outside the MCP management framework.

In the context of risk management, a measurement is gathering specific information to reduce uncertainty. In common usage the word measurement ususally indicates a precise quantity, but with uncertain dimensions and different assumptions measurement can be any activity which lowers uncertainty.

See 'Risk Mitigation'.

Continual checking, supervising, critically observing or determining the status in order to identify change from the performance level required or expected.
NOTE Monitoring can be applied to a risk management framework, risk management process, risk or control.

A quantitive technique. Used to model uncertain scenarios, and determine probabilistic outcomes based on the model.

See also Quantatitive Methods