Module 7

Question 1

Explain the difference between uncertainty and risk.

Answer 1

Uncertainty: The possibility of unexpected events which will impact the project
Risk: An uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives

Question 2

What are the elements of a risk management plan?

Answer 2

Rick strategy; methodology; roles and responsibilities; funding; timing; risk categories; probability impact matrix, stakeholder appetite

Question 3

How is a project’s risk score calculated?

Answer 3

probability x impact

Question 4

In escalating sequence, what are the 5 main risk responses for opportunities / threats?

Answer 4

Accept, Mitigate / Enhance; Transfer / Share; Avoid / Exploit; Escalate

Question 5

What are 3 contract types?

Answer 5

Fixed price (lump sum); time and materials; cost reimbursable (cost plus)