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1. Why is the contingency planning response to project risks referred to as a “two-step” process?
The risk response strategy is initially “accept.” If the trigger event occurs, the risk response strategy changes to one of the other risk response strategies.
The contingency plan is first created and then it is implemented.
A portion of the contingency plan is implemented in the current phase and the remainder of the contingency plan is implemented in a later phase.
2. What is one characteristic attribute of a contingency plan trigger event?
The event is discrete – meaning there is a clear indication of whether the event has occurred or not.
The event is a milestone in the project schedule.
The trigger is approved by senior management.
3. Should a contingent risk response be used with a positive risk (opportunity, a negative risk (threat), or both?
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