What if? Top 10 Things to Build into Your Project Contingency Plan

The video discusses various strategies for effective risk management in projects. It emphasizes the importance of contingency planning and provides ten tactics to handle unexpected events. These include creating schedule and budget contingencies, rescheduling non-dependent activities, dropping non-critical tasks, using off-the-shelf solutions, and securing expert evaluators. The video also highlights the significance of change control and the potential use of extended working hours as a last resort.

What is the primary purpose of a contingency plan in risk management?

• To increase the impact of risks

• To handle situations when risks occur

• To make risks less likely to occur

• To eliminate all risks

What is 'float' in the context of contingency planning?

• A stakeholder approval process

• A method to eliminate risks

• Extra time added to absorb delays

• A type of budget allocation

Which type of activities can be rescheduled to provide more time for critical tasks?

• Dependent activities

• Non-dependent activities

• Stakeholder-approved activities

• Critical path activities

What does COTS stand for in contingency planning?

• Cost Optimization and Time Savings

• Commercial Off The Shelf

• Critical Operations Time Schedule

• Contingency Operations Task System

Why is it important to build remediation time into your schedule?

• To increase project costs

• To eliminate the need for expert evaluators

• To handle test failures and avoid delays

• To assume tests will always pass

What role do expert evaluators play in a contingency plan?

• They are responsible for budget allocation

• They eliminate the need for change control

• They provide insights to avoid problems

• They increase project costs

Why should extended working hours not be part of core scheduling?

• It increases project costs

• It reduces team morale

• It requires stakeholder approval

• It eliminates contingency