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CH7 Managing Risk - Coggle Diagram
CH7 Managing Risk
Opportunity
Share
Allocating some or all of the ownership of an opportunity to another party who is best able to capture the opportunity for the benefit of the project
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Exploit
Seeking to eliminate the uncertainty associated with an opportunity to ensure that it definitely happens
Accept
Being willing to take advantage of an opportunity if it occurs, but not taking action to pursue it
Change Management System
Monitoring, tracking, and reporting risk
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Risk
Uncertain or chance events that planning cannot overcome or control (Identification，Assessment，Response Development，Response Control)
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Transferring Risk
Paying a premium to pass the risk to another party
Requiring Build-Own-Operate-Transfer (BOOT) provisions
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Management reserves
Are large funds to be used to cover major unforeseen risks (e.g., change in project scope) of the total project.
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Time Buffers
Amounts of time used to compensate for unplanned delays in the project schedule
EX:Severe risk, merge, noncritical, and scarce resource activities