Risk Management Level 1 Flashcards
1
Q
What is risk?
A
Risk is an uncertain event or circumstance, that if it occurs, will impact the outcome of a project.
2
Q
Provide an example of risk?
A
3
Q
How is procurement risk dealt with through the contracting process?
A
4
Q
How would a pre-contract risk register compare to a post-contract version?
A
5
Q
How is risk categorised under NRM?
A
Design Development Risk
Construction Risk
Employer’s Change Risk
Employer’s Other Risk
6
Q
Why would using a % not be a good idea for calculating risk?
A
7
Q
How does risk management differ through RIBA Stages 0-7?
A
8
Q
How can you mitigate the risk of inflation in a contract?
A
9
Q
What are the ‘4 T’s’ of risk mitigation methods?
A
Tolerate
Terminate
Treat
Transfer
