Risk management is a reactive approach that is designed to ensure that

Risk management is a reactive approach that is

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*Risk management is a reactive approach that is designed to ensure that surprises are reduced and that negative consequences associated with undesirable events are minimized One common mistake that is made early on in the risk identification process is to focus on consequences and not on the events that could produce consequences The project being delayed is an example of a major risk that should be assessed *The first step in the risk management process is risk assessment A risk profile is a list of questions that have been developed and refined from previous, similar projects The risk identification process should be limited to just the core project team. While a "can do" attitude is essential during implementation, project managers have to encourage critical thinking when it comes to risk identification Questions Seite 11
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Responses to all identifiable risks should be a top priority for the project manager *When considering risk value, the lower the value, the higher the level of risk If, during risk response development, you successfully identify how you will respond to a risk, contingency planning is unnecessary Adopting proven technology instead of experimental technology is an example of mitigating a risk *A risk is an uncertain event that, if it occurs, can have a positive or negative effect on project objectives *Performance bonds, warranties, and guarantees are financial instruments used to share risk. Fixed-price contracts are an example of transferring risk from an owner to a contractor When developing a response to a risk by scheduling outdoor work in the summer, investing in up-front safety training, or choosing high-quality materials, these are examples of retaining a risk Budget reserves are set up to cover identified risks associated with specific segments of a project while management reserves are set up to cover unidentified risks associated with the total project Change management systems involve reporting, controlling, and recording changes to the project baseline Enhancing a risk is a tactic that seeks to eliminate the uncertainty associated with an opportunity to ensure that it definitely happens Contingency funding is made up of budget reserves and management reserves *Resources are adequate, but demand varies widely over the life of the project. Delaying noncritical activities to lower peak demand on resources is known as resource Smoothing. *If resources are not adequate to meet peak demands, the resulting reschedule is termed Resource-constrained scheduling. Which of the following is NOT a potential consequence of failing to identify limited resources before project implementation Scope creep. When developing a new software package, logically, the software must be designed before the code is written, and the code must be written before it is tested. These activities are dependent on each other by ______ constraints Technical.
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