Management Flashcards
1
Q
What are the ways of dealing with a risk
A
Sharing
Transferring
Avoiding
Reducing
Retaining
1
Q
What are some examples of risk Sharing
A
- Pain/Gain mechanism
- Period to correct ER’s/CP’s
2
Q
What are some examples of risk Transfer
A
- Design under CDP
- Insurance
- Fixed price contract
3
Q
What are some examples of risk Avoidance
A
- Avoiding material shortage by specifying something else
4
Q
What are some examples of risk Reduction
A
- Increased design detail
- Firm up prov sums
5
Q
What are examples of risk Retaining
A
- Fluctuations Clause
- Cobstruction Management route