Before taking work in hand, even the contractor following good management practices may be unaware of ________.

Question

Question

This question was previously asked in

SSC JE Electrical 16 Nov 2022 Shift 3 Official Paper

Answer 1

The correct answer is option 4):

Concept:

A contingency is a potential occurrence of a negative event in the future, such as an economic recession, natural disaster, fraudulent activity, terrorist attack, or a pandemic
Before taking work in hand, even the contractor following good management practices may be aware of Before taking work in hand, even the contractor following good management practices may be aware of specifications,analysis of costs,analysis of costs
But not about contingency that may takes place
Contractor plan for various contingencies through analysis and implementing protective measures. A thorough contingency plan minimizes loss and damage caused by an unforeseen negative event. Contingency plans can include the purchase of options or insurance for investment portfolios.
Contigency planning Saves time and money. When management knows an incident plan ahead of time, Saves lives. Some disasters are life-threatening.Quick recovery time. Contingency plans reduce response time, giving your team the Minimizing damage.