_______________ Focuses on How to Respond to Events That Have

question 83

Multiple Choice

_______________ focuses on how to respond to events that have a positive impact on a project.

• A) Risk management
• B) Opportunity management
• C) Value management
• D) Contingency management
• E) Prospect management

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Definitions:

Payoff Matrix

A table that shows the potential outcomes of different strategies in a competitive situation, typically used in game theory.

Strategic Choice

The decision-making process in the context of strategic management, where leaders select the best course of action to achieve organizational goals.

Payoff

In game theory, the reward received by a player (for example, the profit earned by an oligopolist).

Dominant Strategy

A dominant strategy is the best course of action for a player in a game, regardless of what the other players do, always resulting in a better outcome for the player.