Posted: Fri Dec 15, 2017 1:22 am
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.
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.
Posted: Sat Dec 16, 2017 5:10 pm