Risk Contingency Technique ensures impact of risk will be less - Risk analysis and management

Q.  Which of the following techniques will ensures that the impact of risk will be less?
- Published on 03 Aug 15

a. Risk Avoidance Technique
b. Risk Mitigation Technique
c. Risk Contingency Technique
d. All of the above

ANSWER: Risk Contingency Technique

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  • Prajakta Pandit   -Posted on 06 Nov 15

    - Risk Contingency Technique ensures that the impact of risk will be less.

    - It is used to estimate the financial resources needed to cover all identified project risk in an optimum manner.

    - Contingency plans should be appropriate and commensurate to the impact of the original risk.

    - It is more cost effective to allocate a certain amount of resources to mitigate a risk.

    - The plan should not be confused with the normal re-planning necessary to react to minor changes in the developing project plan.

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