Risk Management

Question 1

What is Risk

Answer 1

its an uncertain set of circumstances that if they occur will cause a negative effect on the projects objectives

Question 2

What is a risk assessment

Answer 2

It is a risk to identify the liklihood and severity of the hazard being realised

Question 3

What is quantified and qualitative risk assessment

Answer 3

Quantitive approach - pricing the risk register

Qualititative approach : provides a qualititative approach to risk

Question 4

What is the monte carlo simulation

Answer 4

Its a computer software to predict risk

Question 5

What is a risk register

Answer 5

its a document of all risks identified for the project

Question 6

What are the risk management strategies

Answer 6

Avoidance : needs to be taken to ensure risk does not occur
Reduction : If the risk does occur the impact will be reduced
Transfer : Transfer the risk through to another party
Share : Share between parties
Retentions : Keeping risk and controlling it.

Question 7

What are the benefits of Risk Management

Answer 7

Increased confidence in achieving objectives and success

Reduced cost / time overrun

Team understands and recognizes the use and composition of contingencies.

Enable decision making to be made on the assessment of known variables

Risk management workshops can facilitiate team development and encourage communication.

Question 8

What are the four main risk allowance catergories

Answer 8

Design development
Contruction
Employer Change
Employer Other