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Contingency

Posted: Fri Dec 15, 2017 1:22 am
by suresi00
The project you are working on is over halfway through and you have begun to measure that price increases on the steel that you require for the project have gone 8% over your estimate for price increases over the timeframe of the project. As a result you put in place a policy to procure all the remaining steel required for the project and pay for it to be stored in a warehouse instead of ordering the steel as you require it. This is an example of what?
A: Contingent response strategy.
B: Mitigation.
C: Transference.
D: Exploiting.

I think the answer is contingency response strategy. I remember Saket sir video on mitigation and contingency.

here the event ( budget went above the limit). Cause increase in price. This was a trigger we used Contigency response plan to overcome it.

It is not mitigation as we didn't do upfront.

Manish sir any comments.

Re: Contingency

Posted: Sat Dec 16, 2017 5:10 pm
by manishpn