Woolpert Risk Awareness Program - Module 1

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

Indemnification provisions

Schedules

Expectations

Insurance requirements

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

True

False

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

True

False

4. 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

False

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

True

False

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

True

False

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

Phone call

Contract

Email

Handshake

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

True

False

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

True

False

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

Explanation

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

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

True

False

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

Passing on a project

Utilizing a strong project manager

Using a life line

Transferring the risk

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

True

False

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

True

False

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

True

False

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

True

False

16. Risk Management involves a three step process that includes:

Analysis and resolution

Analysis and continued implementation

Initial action and resolution

Assumptions and continued implementation

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

True

False

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

True

False

19. 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:

Identification of sources of risk

A contract signed by both parties

A certification by the project manager that the services were completed in accordance with the contractual standard of care

Continued implementation and development of risk management strategies

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

True

False

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

Indemnification provisions

Schedules

Expectations

Insurance requirements

22. 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

False

23. 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:

I and II

II and IV

II, III, and IV

All of the above

24. 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

False