Risk Management in Project Planning
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What is the primary purpose of the Project Library in managing projects?

  • To track the status of each contract amount and changes
  • To store only project management information
  • To manage the project's resource charge report
  • To store all information related to the project (correct)

    • What document is used to track the status of subcontracts in the project?

  • Change Order Log
  • Project Cost Code Summary
  • Project Manager's Project Summary Sheet
  • Subcontract Status Summary Sheet (correct)

    • What is the main consequence of misplacing documents in a project?

  • Delays in project completion
  • Inaccurate cost estimation
  • Inefficiency in resource allocation
  • Loss of time, revenue, and demotivation of employees (correct)

    • What is a common approach to transferring risks in project management?

    <p>Sharing risk with different parties</p> Signup and view all the answers

    What is the purpose of the Cost to Complete report?

    <p>To provide a projected cost to complete the project</p> Signup and view all the answers

    What is the primary focus of Financial Control in project management?

    <p>Cost estimation and monitoring</p> Signup and view all the answers

    What does a risk management system support in a project?

    <p>The planning process and prioritisation of activities</p> Signup and view all the answers

    What is the purpose of the Change Order Log?

    <p>To track changes to the project scope</p> Signup and view all the answers

    What does BOOT stand for in the context of project management?

    <p>Build-Own-Operate-Transfer</p> Signup and view all the answers

    Why might contracting insurance not be the best approach for project management?

    <p>All of the above</p> Signup and view all the answers

    What is a key outcome of effective risk management in a project?

    <p>Adding value to each project activity</p> Signup and view all the answers

    What is a challenge of outsourcing risk in project management?

    <p>The contractor may not be able to handle the risk</p> Signup and view all the answers

    What is the potential drawback of transferring risk to a contractor?

    <p>The risk transfer will cost money</p> Signup and view all the answers

    What is the primary benefit of implementing a risk management system in a project?

    <p>Reducing uncertainty within the project</p> Signup and view all the answers

    What is an example of sharing risk in project management?

    <p>Airbus allocating risk to R&amp;D departments in different countries</p> Signup and view all the answers

    What does a risk management system provide for the whole project?

    <p>A framework for consistent and controlled activities</p> Signup and view all the answers

    What is a benefit of having a complete understanding of project-related activities and opportunities and threats?

    <p>Improving decision-making</p> Signup and view all the answers

    What is the nature of risk management in a project?

    <p>An ongoing process</p> Signup and view all the answers

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