Exercises at the end of the chapter are designed to strengthen your understanding and retention of the information recently acquired in the chapter.
Write several paragraphs to provide more in-depth analysis and consideration when answering the following questions.
- Choose a simple project with which you are familiar and describe a risk that is typical of each phase of the project and a mitigation plan for those four risks.
- Assume that you are considering the purchase of a house. What are examples of each of the four types of risk mitigation that are associated with buying a house? Explain your choice of each example and relate it to the definition of each type of risk mitigation.
- Assume that you are working on a complex project to add a wing to a hospital that is next to a natural wetland. Using the four categories of the Darnall-Preston Complexity Index, identify a high-impact risk and explain your choice.
The exercises in this section are designed to promote exchange of information among students in the classroom or in an online discussion. The exercises are more open ended, which means that what you find might be completely different from what your classmates find, and you can all benefit by sharing what you have learned.
- Choose a situation with which you are familiar where a risk event occurred that had a high impact on a project causing it to exceed the contingency allowances in the schedule or budget. Do you think this event was an unknown or known risk? What additional mitigation efforts (if any) should be used on a similar project in the future? Consider situations described by your classmates and contribute ideas for mitigation of events in their projects.
- Consider your personal health. What are two examples of known risks and a mitigation plan for those two risks? Describe your mitigation plan for unknown risks. Consider the risks and plans described by your classmates and make suggestions for other mitigation options.