Which of the following BEST describes risk audits?
One of your construction project team members warns you that your concrete supplier caused serious delays in his last project because he delivered the wrong kind of concrete. You discuss it with the team, and decide that you need to accept the possibility that this will happen. But you make back-up plans with an alternate provider by putting a down payment on an emergency shipment, just in case. This is an example of:
Which risk analysis tool is used to model your risks by running simulations that calculate random outcomes and probabilities?
A construction project manager has a meeting with the team foreman, who tells him that there’s a good chance that a general strike will delay the project. They brainstorm to try to find a way to handle it, but in the end decide that if there’s a strike, there is no useful way to minimize the impact to the project. This is an example of which risk response strategy?
How often should a project manager discuss risks with the team?
You’re managing a project to fulfill a military contract. Your project team is assembled, and work has begun. Your government project officer informs you that a supplier that you depend on has lost the contract to supply a critical part. You consult your risk register and discover that you did not plan for this. What’s the BEST way to handle this situation?
You’re managing a project to remodel a kitchen. You find out from your supplier that there’s a 50% chance that the model of oven that you planned to use may be discontinued, and you’ll have to go with one that costs $650 more. What’s the EMV of that risk?
Which of the following is NOT true about Risk Management?
A project manager is analyzing project risks by using quantitative techniques to assign a numeric value to each of those risks. Which of the following tools and techniques is not used for this?
Which of the following should NOT be in the risk register?