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Questions

1:Why should you have contingency or margin for error in your plans?
  1. Because you'd be mad not to.

  2. To be able to deal with unexpected things.

  3. To be able to contain the effect of unexpected things within your project and stop them from affecting related projects.

  4. Because you'll almost invariably use it.

A1: (a) 5 points

I mean it to be literally true. If you believe that things will turn out precisely as you predicted—despite the fact that this has probably never happened to anyone in their whole life—then you must be mad!

(b) 5 points

Yes.

(c) 5 points

Yes. Let's say, for example, you're developing a product and the marketing department has built a product launch plan based on delivery dates you have given them. If your plan contains no contingency and it slips, you potentially mess up their entire plan. With contingency, you might be able to contain the effect of your slippages without passing it on.

(d) 5 points

Yes. I don't think I've ever seen a plan where the contingency wasn't used.

2:True or false?
  1. Contingency is mandatory on any project, venture, or endeavor.

  2. It's okay to hide contingency in a plan if that's the only way you can ensure it stays in.

  3. Adding time onto the schedule is a way of putting contingency into it.

  4. Grouping things into “have to have” and “nice to have” categories is a way of finding contingency.

A2: (a) 5 points

True, for all of the reasons described in Question 1.

(b) 5 points

For me, true. If the morality of this disturbs you, then put the contingency explicitly into the plan and don't let anybody (bosses, customers, peers, your team, or anyone else) make you take it out.

(c) 5 points

Yes, it's true.

(d) 5 points

True. It will help, provided you only commit to delivering the “have to haves” and use the “nice to haves” as things you might or might not be able to do.

3:True or false?
  1. If you have contingency in your plans, then there's no need for you to do risk analysis.

  2. Risk analysis techniques are all about higher mathematics, algorithms, and rocket science.

  3. In assessing a particular risk, one of the main factors to consider is the likelihood of the risk happening.

  4. In assessing a particular risk, one of the main factors to consider is the impact that risk will have if it should happen.

A3: (a) 5 points

False. It's far better to do both.

(b) 5 points

False, as you'll see shortly.

(c) 5 points

True.

(d) 5 points

True.


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