risk 2

____________ risk refers to errors or omissions in technical specifications or designs.

The process of tracking identified risks, monitoring residual risks, and evaluating risk process effectiveness is called risk ____________.

A contingency plan is developed only after a risk has occurred.

Delays caused by subcontractor failure are typically categorized under ____________ risks.

What project constraint is most commonly affected by schedule risks?

What type of risk arises from changes in laws or government policies?

Scope changes during construction often introduce new risks to the project.

Qualitative risk analysis provides numerical estimates for probability and impact.

Which type of risk response involves assigning responsibility to a third party?

What is the formal process used to evaluate and prioritize risks?

Risks with both high impact and high probability are typically classified as ____________ priority.

____________ fund is used to account for financial uncertainty due to identified risks.

The ____________ matrix helps visualize risk severity based on probability and impact.

A risk that is accepted still needs to be monitored throughout the project.

Risk avoidance is the best strategy for all high-impact risks in a construction project.

The person or group responsible for implementing the risk response is called the risk ____________.

What risk response strategy involves changing the project plan to eliminate the threat?

What document is used to formally log each identified risk and its response plan?

What is the term for a numerical estimate of overall project risk exposure?

Subcontractor bankruptcy is an example of a commercial risk.

What project document defines roles, responsibilities, and procedures for managing risks?