CTCM Contract Management EXAM
, What are the "Steps in Risk Mgmt" in order? - ANSWER-
Identify, Quantify, and Minimize Risk
How to quantifying risk? - ANSWER-No one formula;
identify the areas of importance and assign a level of risk
to each area; can be numerical, or simple with high med
low
What is the strategy for minimizing risk? - ANSWER-Avoid
- eliminate risk
Accept - when risk is too small
Transfer - make someone else responsible for risk
Mitigate - take action to minimize the severity/probability
of risk
What are the critical steps in the successful mgmt of a
contract - ANSWER-Planning and Communication
What are 3 things that may affect risk? - ANSWER-
Contract duration, total contract price, user involvement
, What are the "Steps in Risk Mgmt" in order? - ANSWER-
Identify, Quantify, and Minimize Risk
How to quantifying risk? - ANSWER-No one formula;
identify the areas of importance and assign a level of risk
to each area; can be numerical, or simple with high med
low
What is the strategy for minimizing risk? - ANSWER-Avoid
- eliminate risk
Accept - when risk is too small
Transfer - make someone else responsible for risk
Mitigate - take action to minimize the severity/probability
of risk
What are the critical steps in the successful mgmt of a
contract - ANSWER-Planning and Communication
What are 3 things that may affect risk? - ANSWER-
Contract duration, total contract price, user involvement
