Multiple Choice QuestionWhat type of contingency is typically required to manage a "schedule risk," i.e., finishing a project late?Multiple choice question.Inflation factor adjustmentsContingency funds, i.e. cashMitigation of risk likelihoodTermination of project

Multiple Choice QuestionWhat is the purpose of a contingency fund in executing a response to an opportunity (positive risk) occurring?Multiple choice question.To take advantage of opportunitiesTo eliminate project risksNone, it is not built into the original plan

Multiple Choice QuestionWhat best describes a contingency fund for a project?Multiple choice question.A reserve to manage known and unknown negative project risk.A reserve to manage known and unknown positive project risks.A reserve to manage all known and unknown project risks.This is a form of padding used in estimates.

5. Your team has developed a strategy to set aside $1000 in a contingency budget and an extra week in the schedule, in the event a particular risk occurs on the project. What is the best description of this strategy? A. Acceptance B. Escalation C. Mitigation D. Avoidance

Multiple Choice QuestionWhich are appropriate methods for handling cost risk?Multiple choice question.Item-by-item price risk analysisReducing project durationLump sum approachBack-up or alternate plans

Which aspects of a project may be finalized once resources are applied to a project plan?Multiple select question.The project baseline budgetA baseline project scheduleThe communication planThe risk management plan