Describe the Relationship Between the Likelihood of a Risk Event

question 71

Essay

Describe the relationship between the likelihood of a risk event occurring and the cost of fixing the risk event as a project proceeds through its life cycle.

---

Definitions:

Price-Elasticity

A measure of the responsiveness of demand or supply of a good or service to changes in its price.

Supply

The total amount of a product or service that is available for purchase within a market.

Glass Company

A business that specializes in the production and processing of glass products.

House Windows

Transparent openings in a building's envelope that allow light and air to enter while keeping the weather out.