Implement a thorough cost estimation process

Assignment Help Accounting Basics

Reference no: EM133609835

Question: You are the project manager for a construction company tasked with building a new residential complex. One significant risk has been identified: Risk: Inadequate Project Budget Risk Description: The budget allocated for the project may not be sufficient to cover unexpected costs, such as material price increases or unforeseen construction challenges. Match the risk with the appropriate risk response from the following options: Explore contracting with a fixed-price construction contract, shifting the responsibility for cost overruns to the contractor. Answer 1 Implement a thorough cost estimation process, including contingency allowances, to account for potential cost overruns. Answer 2 Recognize that there may be budgetary limitations and ensure a contingency fund is available within the project budget. Answer 3 Perform a comprehensive review of the project's scope and reevaluate design specifications to eliminate any non-essential elements.

Reference no: EM133609835

Questions Cloud

Discuss how integrated nature of child development affects : Discuss how the integrated nature of child development affects overall growth and development and strategies to support children.

How gendered categories and responses reveal embodied : how gendered categories and responses reveal embodied relations of the effect and social conditions that underlie responses to treatment.

Identify the key problems you have identified : Identify the key problems you have identified by: - presenting the central issue(s) under analysis

Explaining why it is harder to learn a new language later : Why do you think that is? Do you think nature or nurture plays a bigger role in explaining why it is harder to learn a new language later in life?

Implement a thorough cost estimation process : Implement a thorough cost estimation process, including contingency allowances, to account for potential cost overruns

Discuss the ways that people give meaning to difference : who are normal have accepted those with physical disabilities. disability is tied to the ways that people give meaning to difference.

How often the baby cries : how often the baby cries. The psychologists observe several day care centers where infants are being cared for and record the number of times each baby is held

Salvage value at the end of its useful life : salvage value at the end of its useful life. Rounding to the nearest one dollar, what is the book value of the equipment on January 1, 2005

Provide two examples of the development of civilization : According to Chapter One in the Textbook (i.e. citing examples) after the domestication of agriculture, provide two examples of the development of civilization.

User Account

All Pages