QUESTION
QUESTION 3
a) Explain the risk management procedure. Set out the risks associated with attending
the annual Engineering Institute of Zambia symposium in Livingstone. Draw a risk
register (log) and populate it with at least four perceived risks. Analyse these risks
and rank them.
b) You are planning the manufacture of modification to an existing product. Your
analysis has come up with the following information. What contingency reserve
would you use?
Project data |
Cost |
There is a 30 percent probability of a delay in the |
|
There is a 20 percent probability that the parts will |
|
There is a 25 percent probability that two parts will |
|
There is a 30 percent probability that the |
|
There is a 5 percent probability of a design defect, |
|
Total cost contingency |