Sketch a flow chart for the PRAM methodology for risk management and briefly describe each step
What will be an ideal response?
Define — Make sure the project is well-defined, including all deliverables, statement of work, and scope.
Focus — Begin to plan the risk management process as a project in its own right, as well as determining the best methods for addressing project risk.
Identify — Assess the specific sources of risk including the need to fashion appropriate responses.
Structure — Review and refine the manner in which risks have been classified, determine if commonalities exist among risks.
Clarify ownership — Distinguish between risks the project organization is willing to handle and those the clients are expected to.
Estimate — Develop reasonable estimates of the impacts on the project of the risks and proposed solutions.
Evaluate — Critically evaluate the results of the estimate phase; prioritize risks.
Plan — Produce a risk management plan that proactively offers risk mitigation strategies for the project as needed.
Manage — Monitor actual progress with the project and associated risk management plans.
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Adopting proven technology instead of experimental technology is an example of mitigating a risk.
Answer the following statement true (T) or false (F)
If the net present value of an investment is negative, then:
A) the present value of the cash inflows is greater than the present value of the cash outflows. B) the discount rate is negative. C) the actual rate of return is less than the discount rate used. D) increasing the cost of the investment will change the net present value to a positive number.
A contract for the sale of land is governed by Article 2 of the UCC
a. True b. False Indicate whether the statement is true or false
In Thayer v. Hollinger, Hollinger owned land next to lakeshore lots that he developed. He shared a common road with the lakeshore lot owners who used trails on his property that were accessed from the road. Hollinger claimed he could block use of the trails. The lot owners claimed an easement to use the trails. The courts held that:
a. restrictive covenants did not establish easements for the lot owners b. restrictive covenants established the right of lot owners to use the trails c. easements that ran with the land attach to property that is "commonly attached" which includes the road and trails d. restrictive covenants have no true legal power in Montana e. none of the other choices are correct