The Period of Highest Risk Impact for a Project Risk

question 97

Multiple Choice

The period of highest risk impact for a project risk exists primarily in the:

• A)Develop phase of the project life cycle.
• B)Conceive phase of the project life cycle.
• C)Execute phase of the project life cycle.
• D)Execute and Finish phases of the project life cycle.

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Definitions:

Become Cautious

To adopt a more careful and considerate approach towards decision-making or actions, often due to perceived risks or uncertainties.

Escalation of Commitment

The phenomenon where people increase their investment in a decision despite new evidence suggesting it may be wrong, often due to cognitive biases or emotional attachment.

Framing Error

A cognitive bias where the context or way in which information is presented affects decision-making or judgement.

Auction Fever

Auction fever describes the emotional excitability and competitive bidding that can lead individuals to pay more for items in auctions than they are worth or had intended to spend.