18 Risk Flashcards
How would you define ‘risk’?
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What is risk management?
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Explain to your client the benefits of following a risk management strategy.
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What types of risk are there?
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How can you identify risk on a project?
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Why do you need to monitor risk?
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Explain the principles of risk analysis.
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What are the benefits of formally analysing risk?
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What is a risk register?
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What would you expect to see in a risk register?
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Explain how a risk workshop works.
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What are the main ways of dealing with risk?
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Who should own risk?
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What is the Monte Carlo Simulation?
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How can the principles of risk management be used to control the uncertainty of project delivery?
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What contractual mechanisms in JCT contracts protect the client against risk?
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What contractual mechanisms in NEC contracts protect the client against risk?
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How has risk been mitigated on one of your projects?
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How is risk managed in large building projects?
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What typically are the client’s risks on a project?
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How can a client minimise his risk?
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Is it possible to pass all the risk to a contractor?
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Explain to your client who is best placed to act as a risk manager on a project.
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What risks are associated with the main types of procurement?
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How is risk included in a contract sum?
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How would you go about calculating a project contingency?
The value of a contingency sum may depend on:
- Complexity of the project
- Risk of unforeseen works
- How developed the design is
- Assessment of the client’s budget
- Previous projects of a similar nature
- A percentage figure will then usually be agreed with the client based on the above factors
- Alternatively, the sum of quantitative items on a risk register may be more appropriate to use
What are the main dangers of using a lump sum percentage based contingency?
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How do you generally expect risk to be dealt with in a feasibility estimate?
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How do you generally expect risk to be dealt with in a cost plan?
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What is Cost/Schedule Quantitative Risk Analysis and how does it work?
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If a client is worried about the non-performance of a contractor, what can he do to protect himself?
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What are the risks associated with either a performance bond or a parent company guarantee?
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What risk does a collateral warranty protect against and who is it protecting?
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Explain the concept of the phrase ?reasonably foreseen by a competent and experienced contractor?.
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If a client has transferred design responsibility to the contractor, how can he be sure that he is protected against a faulty design in the event of the contractor going into liquidation?
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What sort of risks can be covered by insurances?
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How do the New Rules of Measurement deal with risk?
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How is a risk register used in the post contract phase of a project?
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