What is the difference between contingency and mitigation
plan?
Answer / ritesh singhal
What is Risk Mitigation?
Mitigation is the process of solving problems that were caused or reducing the effect of the risk once it arises. In other words, risk mitigation strives to minimize a risk that materializes. Risk mitigation can also be seen as a method used to control damage that has already being done, and to reduce the ‘blow’ or consequences that it may have on the organization.
What is Contingency ?
Contingency is a planning process in which the company will come up with a few backup plans in the event that the risk materializes. A contingency plan is also known as the action plan for the worst case scenario. Such plans are essential to an organization as it helps organization quickly adapt to changes while suffering less consequences.
Mitigation vs Contingency
• Risk management is essential for organizations to ensure the long term smooth running of the business. There are two parts to risk management; risk mitigation and contingency planning.
• Mitigation is the process of solving the problems that were caused or reducing the effect of the risk once it arises.
• Contingency is a planning process in which the company will come up with a few backup plans in the event that the risk materializes.
• Risk mitigation is aimed at reducing the consequences of the crisis, whereas contingency planning is used to determine how problems can be solved if a crisis occurs.
Is This Answer Correct ? | 5 Yes | 1 No |
Which of the following processes serve as inputs to each other? A. Executing and Controlling B. Planning and Executing C. Planning and Controlling D. Executing and Initiation
Which of the following compression techniques increases risk? A. Crashing B. Resource leveling C. Fast tracking D. Lead and lag
The Project Human Resource Management knowledge area contains which of the following processes? A. Staff Acquisition, Team Development, and Resource Planning B. Staff Acquisition, Team Development, and Performance Reporting C. Organizational Planning, Staff Acquisition, and Team Development D. Organization Planning, Team Development, and Resource Planning
Which performance measurement is the cost of work budgeted for an activity within a certain time frame? A. AV B. PV C. EV D. EAC
You are a project manager working in the automotive industry. You are performing quality control and decide to rank order the frequency of problem occurrences over time using which of the following: A. Control chart B. Pareto diagram C. Cause-and-effect diagram D. Scatter diagram
People are motivated by the need for achievement, power, or affiliation according to which theory? A. Expectancy theory B. Achievement theory C. Contingency theory D. Theory X
Your company has asked you to be the project manager for the product introduction of their new DeskTop Rock media system. You recently published a document that establishes the scope baseline. Which of the following is true? A. This is the scope statement, which is an output of the Scope Planning process. B. This is the scope statement, which is an output of the Scope Definition process. C. This is the scope statement, which is a tool and technique of the Scope Definition process. D. This is the scope management plan, which is an output of the Scope Definition process.
Project managers have the greatest amount of authority in which kind of organizational structure? A. Functional B. Projectized C. Weak matrix D. Balanced matrix
You are the project manager for Lucky Stars nightclubs. They specialize in live country and western band performances. Your newest project is in the Planning process. You are working on the WBS. The finance manager has given you a numbering system to assign to the WBS. Which of the following is true? A. The numbering system is a unique identifier known as the code of accounts, which is used to track the costs of the WBS elements. B. The numbering system is a unique identifier known as the WBS dictionary, which is used to track the descriptions of individual work elements. C. The numbering system is a unique identifier known as the code of accounts, which is used to track time and resource assignments for individual work elements. D. The numbering system is a unique identifier known as the WBS dictionary, which is used to assign quality control codes to the individual work elements. ?
You are the project manager for a cable service provider. Your project team is researching a new service offering. They have been working together for quite some time and are in the performing stage of Team Development. This stage of Team Development is similar to which of the following? A. Smoothing B. Achievement theory C. Hygiene theory D. Self-actualization
Which of the following is true regarding the critical path? A. It should never be compressed. B. It allows for looping and branching. C. The critical path technique is the same as PERT. D. It's the duration of all tasks with zero float.
You are a project manager for Dutch Harbor Consulting. Your latest project involved the upgrade of an organization’s operating system on 236 servers. You performed this project under contract. You are in the Closing process and know that product verification is for what purpose? A. To verify the goals of the project and assure the product of the project is complete B. To evaluate all the work of the project and compare results to project scope C. To verify all the work was completed correctly and satisfactorily D. To evaluate project goals and assure the product of the project meets the requirements