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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 minimizedOne 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 consequencesThe project being delayed is an example of a major risk that should be assessed*The first step in the risk management process is risk assessmentA risk profile is a list of questions that have been developed and refined from previous, similar projectsThe 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 identificationQuestions Seite 11
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 riskIf, during risk response development, you successfully identify how you will respond to a risk, contingency planning is unnecessaryAdopting 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 contractorWhen 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 riskBudget 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 projectChange management systems involve reporting, controlling, and recording changes to the project baselineEnhancing a risk is a tactic that seeks to eliminate the uncertainty associated with an opportunity to ensure that it definitely happensContingency 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 resourceSmoothing.*If resources are not adequate to meet peak demands, the resulting reschedule is termedResource-constrained scheduling.Which of the following is NOT a potential consequence of failing to identify limited resources before project implementationScope 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 ______ constraintsTechnical.