Question: Help Please! When a project team elects to purchase insurance, or adopts a fixed price contract with a vendor, it is demonstrating which of the

Help Please!

When a project team elects to purchase insurance, or adopts a fixed price contract with a vendor, it is demonstrating which of the following broad approaches or strategies to respond to risk?

	a.	Accept the risk
	b.	Transfer the risk
	c.	Avoid the risk
	d.	Reduce the risk

Nicholas and Steyn identify several actions that project teams can take to reduce the cost risk of their project. Which of the following items is NOT one of these actions?

	a.	Minimize the use of proven technologies
	b.	Identify and monitor the key cost drivers
	c.	Provide contingency reserves in project budgets
	d.	Use low cost design alternative reviews

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