Interested to Buy Any Domain ? << Click Here >> for more details...
What is the difference between contingency and mitigation
plan?
- 1 Answers
- 8539 Views
- I also Faced
- E-Mail Answers
Answer / ritesh singhal
What is Risk Mitigation?
Mitigation is the process of solving problems that were caused or reducing the effect of the risk once it arises. In other words, risk mitigation strives to minimize a risk that materializes. Risk mitigation can also be seen as a method used to control damage that has already being done, and to reduce the ‘blow’ or consequences that it may have on the organization.
What is Contingency ?
Contingency is a planning process in which the company will come up with a few backup plans in the event that the risk materializes. A contingency plan is also known as the action plan for the worst case scenario. Such plans are essential to an organization as it helps organization quickly adapt to changes while suffering less consequences.
Mitigation vs Contingency
• Risk management is essential for organizations to ensure the long term smooth running of the business. There are two parts to risk management; risk mitigation and contingency planning.
• Mitigation is the process of solving the problems that were caused or reducing the effect of the risk once it arises.
• Contingency is a planning process in which the company will come up with a few backup plans in the event that the risk materializes.
• Risk mitigation is aimed at reducing the consequences of the crisis, whereas contingency planning is used to determine how problems can be solved if a crisis occurs.
| Is This Answer Correct ? | 5 Yes | 1 No |
You are a project manager for Swirling Seas Cruises food division. You're considering two different projects regarding food services on the cruise lines. The initial cost of Project Fish'n for Chips will be $800,000 with expected cash inflows of $300,000 per quarter. Project Picnic's payback period is six months. Which project should you recommend? A. Project Fish'n for Chips because its payback period is two months shorter than Project Picnic’s B. Project Fish'n for Chips because the costs on Project Picnic are unknown C. Project Picnic because Project Fish'n for Chips' payback period is four months longer than Project Picnic’s D. Project Picnic because Project Fish'n for Chips' payback period is two months longer than Project Picnic's
Which of the following is true regarding the critical path? A. It should never be compressed. B. It allows for looping and branching. C. The critical path technique is the same as PERT. D. It's the duration of all tasks with zero float.
What are the Quality Planning process outputs? A. Quality management plan, bench marking, checklists, evaluation criteria B. Quality management plan, bench marking, operational definitions C. Quality management plan, checklists, inputs to other processes D. Quality management plan, operational definitions, checklists, inputs to other processes
What was the biggest challenge you faced in your project?
You are a project manager working for Mail House King. Your company processes orders for several mail-order catalog companies. Your project is to install new mail-sorting equipment and software. You’ve had some problems and experienced some variances so far during the project. Your project sponsor has asked for an EAC. You know the following information: PV = 800, BAC = 700, EV = 675, AC = 750, and ETC = 30. Which of the following is the correct EAC given the circumstances? A. 778 B. 780 C. 861 D. 833
You are working on a project and are in the Quality Planning process. You know that if the customer requirements are not satisfied while the product is still in the control of the organization, it may result in corrective action, rework, scrapping, and downtime. Which of the following is true regarding the cost of quality? A. Cost of quality is an output of this process, and this is an internal failure cost. B. Cost of quality is a tool and technique of this process, and this is a prevention cost. C. Cost of quality is an output of this process, and this is a prevention cost. D. Cost of quality is a tool and technique of this process, and this is an internal failure cost.
You are a project manager for an agricultural supply company. You have just completed and obtained sign-off on the scope statement for your new Natural Bug Busters project. A key stakeholder has informed you that a deliverable is missing from the scope statement. This deliverable is a critical success factor. You should do which of the following? A. Inform the stakeholder that work not stated in the scope statement is excluded from the project. B. Modify the scope statement to reflect the new deliverable. C. Inform the stakeholder that this deliverable can be included in the next project since sign-off has already been obtained. D. Modify the scope statement after an approved change request has been received from the stakeholder.
If your expected value is ll0 and the standard deviation is l2, which of the following is true? A. There is approximately a 99 percent chance of completing this activity between 86 and 134 days. B. There is approximately a 68 percent chance of completing this activity between 98 and 122 days. C. There is approximately a 95 percent chance of completing this activity between 98 and 122 days. D. There is approximately a 75 percent chance of completing this activity between 86 and 134 days.
You are a project manager for Dutch Harbor Consulting. Your latest project involved the upgrade of an organization's operating system on 236 servers. You performed this project under contract. You are in the Contract Closeout process and have reviewed the contracting process to identify lessons learned. What is the name of the tool and technique of Contract Closeout you used to perform this function? A. Procurement audits B. Performance reviews C. Performance audits D. Procurement reviews
As a PMP, one of your responsibilities is to ensure integrity on the project. When your personal interests are put above the interests of the project or when you use your influence to cause others to make decisions in your favor without regard for the project outcome, this is considered: A. Conflict of interest B. Using professional knowledge inappropriately C. Culturally unacceptable D. Personal conflict issue
You have collected the performance measurement documentation for your project to be included in the project archives. What is the purpose of the performance measurement documentation? A. It's used as part of the formal acceptance process to verify contract expenditures. B. It's reviewed to make certain the project goals and objectives were met. C. It's included in the project archive documentation after confirming the accuracy of the measurements. D. It’s used as historical information for future project that are similar in scope to this project.
What are the tools and techniques of the Quantitative Risk Analysis process? A. Checklists, flowcharting, interviewing B. Interviewing, sensitivity analysis, decision tree analysis, simulation C. Checklists, sensitivity analysis, decision tree analysis, information-gathering techniques D. Interviewing, checklists, assumptions analysis, risk probability impact
Design Patterns 
