Management Flashcards

1
Q

What are the ways of dealing with a risk

A

Sharing
Transferring
Avoiding
Reducing
Retaining

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1
Q

What are some examples of risk Sharing

A
  • Pain/Gain mechanism
  • Period to correct ER’s/CP’s
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2
Q

What are some examples of risk Transfer

A
  • Design under CDP
  • Insurance
  • Fixed price contract
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3
Q

What are some examples of risk Avoidance

A
  • Avoiding material shortage by specifying something else
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4
Q

What are some examples of risk Reduction

A
  • Increased design detail
  • Firm up prov sums
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5
Q

What are examples of risk Retaining

A
  • Fluctuations Clause
  • Cobstruction Management route
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