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 