Identify the risk response strategy in each of the following situations:

Identify the risk response strategy in each of the following situations:
You are concerned about currency exchange rates for an international project, so you decide to purchase currency rate insurance.
You are concerned about the availability of certain materials, so you decide to order from two vendors even though this may raise your cost.
You are concerned about a fixed price contract with a new customer, so you decide not to bid the contract.
You are concerned about a fixed price contract with a new customer, but you decide to bid on the contract anyway.
You have a project and decide to negotiate a fixed price subcontract for that portion of the work that is particularly high risk

2. Identify which of the following statements is true and which is false:

a. The primary purpose of project evaluation is to give feedback to senior management for decision and control purposes.
b. The original criteria for selecting and funding a project are largely irrelevant for project evaluation.
c. It is best for the project manager and the project team to make the termination decision.
d. The timing of an audit depends on the purpose of the audit.

3. Your project is to provide facilities for the 2018 Olympics. You are on a cost reimbursable contract. Your project is considered (pick one):

a. Time constrained
b. Schedule constrained
c. Budget constrained
d. Performance constrained

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