Quantification

Question 1

What are methods to quantify risk

Answer 1

Percentage Addition
Simple method
Probabilistic method
Monte Carlo

Question 2

What is the percentage addition method of risk quantification

Answer 2

add a % allowance at the end of an estimate

Question 3

What is the simple method of quantifying risk?

Answer 3

in a risk register, multiply the likelihood of a risk occurring with its impact if it occurred. Add these to the estimate total

Question 4

What is the probabilistic method of risk quantification

Answer 4

On a risk register, categorise each with a ‘best’ ‘most likely’ and ‘worst case’ percentage, with the change of each (adding to 100%) multiplied by the cost of the event in question

Question 5

What risk type is inflation?

Answer 5

Employer other risk

Question 6

Where does the risk sit with an approximate BoQ

Answer 6

Measurement risk sits with Client
Quality sits with the Client (in regard to a prescriptive spec)
Cost sits with Contractor