Primary and back-up strategies for addressing risks

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1. What are primary and back-up strategies for addressing risks? Explain briefly giving examples?

2. Contingency reserves are often allocated for time and cost (in Plan Risk Response process). If developed, it may include identification of condition that trigger its use. Explain and give one example from: The Wedding Plan Project case.

3. Contingency plan (or Fallback plan) and trigger(s) that call for their execution are important. Give one example from Wedding Plan Project case.

4. Risk Response Strategy of: Accept is common for addressing both to negative and positive risks. True or False

5. Accept Risk Response strategy is used when it is not possible or cost effective to address a specific risk in any other way. True or False

6. The most common passive acceptance strategy is to establish a contingency reserve including amounts of time, money, or resources to handle the risks. True or False

7. The most radical Risk Avoidance risk response strategy is to shut down the project itself. True or False

Reference no: EM132239969

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