Contingency Plans Are Predefined Actions That the Project Team Will

question 19

True/False

 Contingency plans are predefined actions that the project team will take if an identified risk event occurs.

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Definitions:

Plant Asset

Long-term assets such as buildings, machinery, and equipment used in the operations of a business.

Allocated

The process of assigning or distributing resources, costs, or revenues to various accounts or cost centers based on a specific criterion or formula.

Accrued Expense

An accounting term for expenses that have been incurred but not yet paid, recorded on the books to reflect true financial position.

Salary Owed

The amount of payment due to employees for services rendered that has not yet been paid.