Question
Total Marks -20
1. In navigating the complexities of selecting a building contractor, what factors in addition to cost and quality should be given due consideration?
What potential pitfalls might arise if the decision-making process solely prioritizes the lowest bid?
Outline the key distinctions between a Request for Proposal (RFP) and a Request for Quote (RFQ) and provide two specific scenarios where an RFQ would be the preferred approach and two instances where an organization is more likely to opt for an RFP ( min 500 words).
2. Create a sample risk register for a Mars colonization project (Identify minimum five risks). Make use of concepts from Planning, Performing and Monitoring Risk Management to prepare and develop on the same.
Describe how the risks you’ve identified could be avoided, transferred, mitigated, or accepted.(min 500 words)
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