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A construction project has a work package that could result in fatalities or long term disabilities with losses of over US$2 million. The company has had a clean record in the past and has won several safety awards. An appropriate risk response strategy is to?
a) Post a sign that describes the no. of injuries to date and remind everyone to be careful.
b) Insure against the risk.
c) Add classroom training on safety for the project team.
d) Not do the work package.The correct answer is D.
The question asks for the “appropriate” risk response strategy. The risk described is of such magnitude that choice A would not have enough of a clear effect on the risk. Choice B might decrease cost risk but not other types of risks. You might still have deaths. Classroom training, choice C, might also reduce the probability of the risk occurring, but it is not the best or most appropriate choice. Because of the company’s safety record and the impact of the risk, choice D is the only appropriate choice.
Revise Risk Management Concepts:
Project Risk Management
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