Jen works as a project manager for the National Weather Agency. She is managing a project designed to assess the effect of climate change on northern mountains. The initial study established a two months’ delay for the testing equipment to reach mountains due to road construction. However, a recent assessment has indicated a significantly shorter delay because of rapid progress in construction. To deal with the shorter delay, which of the following steps should Jen take next?

Which of the following statements about the management of risks in a project is incorrect?

Velvet is working for a chemical industry, and her management proposed two different projects to manufacture benzene for commercial use. After doing financial analysis, the financial advisor provided her with the following statistics about the projects: Project 1: 60 percent probability of success with a profit of $500,000 and 20 percent probability of failure with a loss of $200,000. Project 2: 30 percent probability of success with a profit of $300,000 and 30 percent probability of failure with a loss of $400,000. Based on the information above, Velvet should choose:

You have been managing a research project to create genetically modified fruits using genetic engineering techniques. Since many legal issues are involved in this process, you created contingency allowances by using various quantitative analysis methods to account for cost uncertainty. You have just concluded a brainstorming session with your team in the execution phase to monitor risks that have developed in the project over the past few weeks and to establish new risk response plans. What should you do if you want to allocate more contingency reserves to account for new risks?