Woolpert Risk Awareness Program - Module 1

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This quiz covers the material from Module 1. You MUST submit your name (First Name Last Name) so as to receive credit for your score.

Questions and Answers

1.

True or false? The goal of the program is to help Woolpert staff understand and eliminate all risks involved with a project.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
2.

True or false? Over 50 percent of claims made against Woolpert result in litigation.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
3.

True or false? Risk is simply defined as the chance of an unwanted or adverse result.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
4.

True or false? There can be two sides to risk.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
5.

What is the best way to document a client’s expectations?
- A.
  
  Phone call
- B.
  
  Contract
- C.
  
  Email
- D.
  
  Handshake
Correct Answer
B. Contract
6.

Developing a contract and a well defined scope gives us a chance to help the client set reasonable:
- A.
  
  Indemnification provisions
- B.
  
  Schedules
- C.
  
  Expectations
- D.
  
  Insurance requirements
Correct Answer
C. Expectations
7.

As a project progresses, it is typically necessary that what must be refined is:
- A.
  
  Indemnification provisions
- B.
  
  Schedules
- C.
  
  Expectations
- D.
  
  Insurance requirements
Correct Answer
C. Expectations
8.

Risk Management involves a three step process that includes:
- A.
  
  Analysis and resolution
- B.
  
  Analysis and continued implementation
- C.
  
  Initial action and resolution
- D.
  
  Assumptions and continued implementation
Correct Answer
B. Analysis and continued implementation
9.

True or false? The principle of N.I.M.B.Y. has impacted Woolpert.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
10.

True or false? Woolpert tries to manage every risk but is not able.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
11.

With respect to Woolpert, more than 50 percent of claims have been made by:
- A.
  
  Clients
- B.
  
  Third Parties
- C.
  
  Subconsultants
Correct Answer
B. Third Parties
12.

The general categories for managing risk include avoiding the risk, assuming the risk but trying to mitigate it, and
- A.
  
  Passing on a project
- B.
  
  Utilizing a strong project manager
- C.
  
  Using a life line
- D.
  
  Transferring the risk
Correct Answer
D. Transferring the risk
13.

True or false? In analyzing the risk, Woolpert is more interested in the merely possible than the probable.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
14.

True or false? By including a limit of liability provision in a contract, a consultant caps the consultant’s liability to any party who may bring a claim against the consultant.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
15.

True or false? Insurance is a silver bullet for managing risk.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
16.

True or false? Many claims can be traced back to a communication failure between the client and the consultant.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
17.

True or false? A limit of liability provision is one way to transfer risk via contract.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
18.

True or false? Avoiding a problem once it arises is the best way to minimize the probability of an unwanted result.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
19.

True or false? The following is an example of an indemnification provision acceptable to Woolpert: Woolpert agrees to indemnify and hold the client harmless from damages, costs, and liabilities arising from the acts of Woolpert.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
20.

True or false? The consultant should avoid risk for situations in which more than one party is to be responsible.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
21.

More than just identifying the sources of risk, assessing their probability, and developing an initial action are needed to manage risk. In addition, you need:
- A.
  
  Identification of sources of risk
- B.
  
  A contract signed by both parties
- C.
  
  A certification by the project manager that the services were completed in accordance with the contractual standard of care
- D.
  
  Continued implementation and development of risk management strategies
Correct Answer
D. Continued implementation and development of risk management strategies
22.

True or false? WRAP stands for the Woolpert Risk Assessment Program.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
23.

True of false? The State in which a project is located can be a source of risk.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
24.

Client associated risks include Client's: I. Public or private status, II. Experience with similar projects, III. Litigation history, and/or IV. Financial strength. Choose an answer from the following options:
- A.
  
  I and II
- B.
  
  II and IV
- C.
  
  II, III, and IV
- D.
  
  All of the above
Correct Answer
D. All of the above
25.

True or false? The failure to refine expectations during the course of a project can create the possibility of a gap between the client’s expectations and the end results thereby increasing the chance of a claim.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
26.

True or false? Woolpert is licensed to provide professional services in every state.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Woolpert is not licensed to practice professional services in every state. Please check with the legal department to confirm registrations.

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Current Version
Mar 19, 2022

Quiz Edited by
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Dec 03, 2008

Quiz Created by
Woolpert

Woolpert Risk Awareness Program - Module 1

True or false? The goal of the program is to help Woolpert staff understand and eliminate all risks involved with a project.

True or false? Over 50 percent of claims made against Woolpert result in litigation.

True or false? Risk is simply defined as the chance of an unwanted or adverse result.

True or false? There can be two sides to risk.

What is the best way to document a client’s expectations?

Developing a contract and a well defined scope gives us a chance to help the client set reasonable:

As a project progresses, it is typically necessary that what must be refined is:

Risk Management involves a three step process that includes:

True or false? The principle of N.I.M.B.Y. has impacted Woolpert.

True or false? Woolpert tries to manage every risk but is not able.

With respect to Woolpert, more than 50 percent of claims have been made by:

The general categories for managing risk include avoiding the risk, assuming the risk but trying to mitigate it, and

True or false? In analyzing the risk, Woolpert is more interested in the merely possible than the probable.

True or false? By including a limit of liability provision in a contract, a consultant caps the consultant’s liability to any party who may bring a claim against the consultant.

True or false? Insurance is a silver bullet for managing risk.

True or false? Many claims can be traced back to a communication failure between the client and the consultant.

True or false? A limit of liability provision is one way to transfer risk via contract.

True or false? Avoiding a problem once it arises is the best way to minimize the probability of an unwanted result.

True or false? The following is an example of an indemnification provision acceptable to Woolpert: Woolpert agrees to indemnify and hold the client harmless from damages, costs, and liabilities arising from the acts of Woolpert.

True or false? The consultant should avoid risk for situations in which more than one party is to be responsible.

More than just identifying the sources of risk, assessing their probability, and developing an initial action are needed to manage risk. In addition, you need:

True or false? WRAP stands for the Woolpert Risk Assessment Program.

True of false? The State in which a project is located can be a source of risk.

Client associated risks include Client's: I. Public or private status, II. Experience with similar projects, III. Litigation history, and/or IV. Financial strength. Choose an answer from the following options:

True or false? The failure to refine expectations during the course of a project can create the possibility of a gap between the client’s expectations and the end results thereby increasing the chance of a claim.

True or false? Woolpert is licensed to provide professional services in every state.