Question 1 of 30
Scenario:\nMr. Davis is leading a risk assessment team for a large construction project. During the initial stages, the team identifies several potential risks using brainstorming sessions and SWOT analysis. Among the identified risks, they highlight the risk of supply chain disruptions due to geopolitical tensions in the region where materials are sourced.\n\nQuestion:\nWhich of the following actions should Mr. Davis prioritize to manage the identified risk effectively?
Implementing a risk transfer strategy through insurance policies
Increasing the project budget to stockpile additional materials
Conducting a quantitative risk analysis using Monte Carlo simulation
Holding regular meetings with stakeholders to discuss risk mitigation plans