Managing Resources (2) Flashcards
Did you assess the financial impact of the areas of risk?
Assessment of financial impact is crucial for understanding potential losses.
Did you undertake a probability assessment?
Probability assessment helps in evaluating the likelihood of risks occurring.
How did you price the budget need?
Pricing the budget need involves estimating costs associated with the project.
How did you assess the contingency fund?
The projects were typically standard and of low risk when using risk assessment so a 5-10% contingency was deemed appropriate. We also built flexibility into our programs by only releasing a quarter at a time so we could reconcile as required.
How did you stress test?
Stress testing evaluates how the plan performs under extreme conditions.
How did you assess the sustainability and long-term value of the plan?
Assessing sustainability involves evaluating the plan’s viability over time.
What was the budget allocated?
The allocated budget defines the financial resources set aside for the project.
How much did you save?
Savings can be quantified by comparing budgeted versus actual expenditures.
How did you undertake a cost-value assessment?
Cost-value assessment involves analyzing the relationship between costs and benefits.
