I don’t understand this Management question and need help to study.
1. You have identified a major risk that will add up to 4 weeks to the project timeline, require the company to employ 2 extra staff members, require revisions to the vendor contract, and also require you to plan the response.
A.Which 4 Knowledge Areas will be primarily affected?
B.Name at least 3 tools and techniques you can use to quickly acquire extra project team members. Describe them in your own words
C.You need to plan the risk response. Do you think this is a negative or positive risk? Why?
D.Depending on your answer to part C, which strategy for risk responses will you use and how will you use it?
2. The project sponsor has instructed you to propose the best type of contract between your company and the vendor. She would like the contract to enable tight controls over budget to avoid escalation of costs, but she also wants to negate the risk of the vendor becoming disengaged due to a lack of potential for profit on their side.
A.What type of contract would you propose?
B.Why have you proposed this? Please give your answer in the context of the question above
C.Give 3 potential advantages and 3 potential disadvantages of this type of contract
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