Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
7th Edition
ISBN: 9781259666094
Author: Erik W. Larson, Clifford F. Gray
Publisher: McGraw-Hill Education
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Chapter 7, Problem 3RQ
What is the difference between avoiding a risk and accepting a risk?
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How does uncertainty and ambiguity affect risk?
Discuss the differences between retaining and transferring risk. In what instances would you decided to retain risk? How would you do so?
In all cases you can choose to accept a risk rather than take action. Describe any five situations where accepting a risk may be the best option.
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Project Management: The Managerial Process (Mcgraw-hill Series Operations and Decision Sciences)
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- Why is recognizing and describing a business risk important?arrow_forwardAssume that you are considering the purchase of a house. What examples of each of the four types of risk mitigation that are associated with buying a house?arrow_forwardSince a risk is something that has yet to happen--and may never happen--how much time and effort should be spent planning and preparing for it?arrow_forward
- By the use of relevant examples, differentiate between the following:a. Hazard based risk and Uncertainty based risk. (4 marks)b. Risk and uncertainty. (4 marks)c. Internal risk and external risk.arrow_forwardWhat is risk and provide an example of it.arrow_forwardExplain two reasons why a company would want to incur higher risk.arrow_forward
- Below are four categories of risk and ways that a company is currently handling the risks. Which risk handling options are being used? More than one answer may apply.  a. A company is handling its high R&D financial risk by taking on partners and hiring subcontractors. The partners/subcontractors are expected to invest some of their own funds in the R&D effort in exchange for sole-source, long-term production contracts if the product undergoes successful commercialization.  b. A company has decided to handle its marketing risks by offering a family of products to its customer base. Different features exist for each product offered.  c. A company has product lines with a life expectancy of ten years or more. The company is handling its technical risks by performing extensive testing on new components and performing parallel technical development efforts for downstream enhancements.  d. A company has large manufacturing costs for its high-tech products. The company will not…arrow_forwardWhat are the basic ways to manage risk in a business?arrow_forwardWhat are the three most important forms of operating risk? What positions do they play? And how you think would be the hardest to handle and why?arrow_forward
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