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[email protected]

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1.An increase in project scope is likely to increase project cost

2.A Gantt chart

3.All of the above

4.The approved estimate for the project

5.create the WBS, create the estimate, create the budget

6.overall project duration

7.subdivides project deliverables and project work into smaller, more manageable components

8.the project sponsor

9.A document to help guide the project during implementation

10.sequencing the activities

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1.the risk faced are

-the field might be covered with snow making it difficult to plow but it has low occurrence in Ethiopia
but a few days ago it was happening

-the field might be flooded with water

-the risk of erosion of the land

-the unexpected rain

2.because predicting the future with absolute certainty is impossible

3.the period of time between the planning and execution phase affects the risk in that on the planning
phase things that should be considered may be left unconsidered because we might not have sufficient
information what will happen and also on the execution phase we might identify new risks. For example,
if the planning of G+1 building was made on 2018 and we are executing it now. We might not consider
the political instability which will leave our project on risk due to increase in price, insecurity to work
that will delay our project and certain kind of problems will affect our project.

4.if the project plan was in 2015 and the execution of the project is now. There are a lot of risks involved
during the execution there are different changes between the gap year some might be regulatory
changes, price changes, value of the project might even decrease. Even the corona virus pandemic has
risks on the project. The gap between the planning and execution will make things not to be considered
on the planning phase which later has an impact in executing the project.
5.the problems that will occur might be

-the price of materials will rise

-natural catastrophes like earth quake might happen

-there might be shortage of material

6. The extent and duration of the project has risks on the project. For example, if the building area is 842
meter square and it takes one year to complete the project and within that year if the price of cement
and rebar increase this will ultimately impact our project in that it has a big size plus a lot consumption
of cement and rebar with the increase in the price will risk our project to be out of budget.

7.yes

8.NO

9.the level of experience you and your team member have by undertaking similar projects affect the
risk. For example, on the building project of the commercial bank of Ethiopia the columns on the bottom
few floors have a compressive strength of 60Mpa. But on the third floor the test from consultants
showed that the columns on the third floor doesn’t meet the required compressive strength of 60Mpa.
If the team has no experience they will demolish the third floor columns and do it again which will cause
additional cost for the project. Since the team has experience on building projects what they did as a
solution is they cast steel on the existing column structure without demolishing the column and it
happens to maintain the required compressive strength of 60Mpa.

10.No

11.if the technology is new and is not advanced well it will cause risks. For example, the new model of
Boeing 737 has the MCAS software subsystem moving the tail adjusting the angle of attack automatically
since the system is not advanced well it causes the crashing of Boeing 737 planes.

12.-the rate of development of strength might be slow

-proportioning the water cement ratio might be difficult

13.identification and analysis of project risks are required for effective risk management. One cannot
manage risks if one does not characterize them to know what they are, how likely they are, and what
their impact might be. But project risk management is not limited to the identification and aggregation
of risks, and it cannot be repeated too often that the point of risk assessment is to be better able to
mitigate and manage the project risks and by responding we will decide on which of the plans you
created to implement to resolve the risk.

14.-to eliminate risk

-to assess risk

-to identify risk

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1.the initiation holds great value since it involves hiring a project team and setting solid goals. Without
an efficient project team and clear goals, it gets difficult to perform the required duties throughout the
project cycle. One of the major parts of the initiation process is project character. It involves an overview
of the project and the kind of approach that is to be taken throughout the project. It acts as a sign of
authorization providing approval to the project manager and the team to access the resources being
provided for the successful completion of the project.

2.Good planning is important because it

-increase efficiency

-reduce project risk

-keeps good control

-helps to achieve objective

-facilitates proper coordination

3.yes

4.it means that the likelihood is the probability of an event occurring and the consequences, to which
extent the project Is affected by an event, are the impact of identified risk.

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1.it means that risks have many different aspects to be considered. It can be technical risks that involve
specific knowledge of the technology of the project deliverables. For example, in IT error in programing.

Financial risks are possibility of losing money on a project. It can result in the loss of capital to interested
parties.

Commercial risks are those inherent in the project itself, or the market in which it operates.

Reputational risks are the threat to the profitability or sustainability of a business or other entity that is
caused by unfavorable public perception of the organization or its products or services.

2.-since the vacuum cleaner technology is new I will think of what if the cleaner suddenly overheat and
turn itself off so that we cannot wash bed sheets on time

-what if the hotel employees cannot operate the vacuum cleaner properly and the bed sheets get torn.

3.The hotel brand will be affected in that the brand will be known for its dirty bed sheets in the room
service they provide. In their reputation their good image publicly will be destroyed so that the hotel will
be famous of its dirty bed sheets.

4.Tangible risks is a threat or opportunity that is by nature quantifiable or can be quantified using typical
risk management tools and analysis.

For example, rising raw material costs represent a tangible risk for most companies because they
directly impact profitability.

The risk caused by failure of a structure of a building is also tangible it can be determined in quantity.
5.it means that the benefit and costs can be expressed in the basis of empirical observations such as
decrease or increase in the amount of birr or time and so on.

6.quantifing risk means a process of converting the impact of risk on the project in to numerical terms.
This numerical information is used to determine the cost and time contingencies.

7.intangible risk is a threat that is by nature not quantifiable or cannot be quantified using typical risk
management tools and analysis.

For example, on the wedding day if the mood of bride and groom get low it’s difficult to quantify the
risk.

8.because there is no measure to quantify them in a standard numerical form. For example, behavior
risk and also leadership risk cannot be represented in numerical or standard measurements we simply
just observe physically but not represent them in numerical forms.

9.he will have his WBS and schedule then he walks himself through the project from start to completion
and ask himself what could go wrong here to quickly identify more than enough risks. The main thing he
uses is define what could go wrong and how we could manage those risks.

10. true

11.in the garden photo part what could go wrong is the unexpected rain which can affect the garden
photo part since it is outdoor activity. Even if the rain stops the wet grass may not be comfortable to
take a picture laying on the grass field. And also long hours of rain can completely cancel the garden
photo program so it will risk the outdoor garden photo to be canceled.

12.-what if raw materials for finishing work are not available in the market

-what if the foundation is laid on a soil that emanates surface water

-what if the price of roof cover increase

-what if the price of brick wall increase

-what if the swimming pool has leakage of water

13.5

14.it means that they have low probability of occurrence so they are not prioritized as a risk. For
example, there is a highly unlikely probability that plane will encounter simultaneous failure of two
engines on the run way so the it can be ignored.

15.catastophic risk are unanticipated loss of damage that cripple the project it happens when the risks
mature.

16.no

17.because they are the people actually doing the work so they are qualified not as much as the project
manager but for that particular scope of work. For example, a technical work stream manager could take
the lead on the technical risk discussion.
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1.false

2.false

3.false

4.2,1,4,5,3,6

5.past experience of stakeholders helps to identify potential risks, usually from similar projects. When
relating the features of projects, they will provide insight on the recurrent factors.

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1.2000birr

2.60%

3.No

4.120000birr

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1.180,000birr

2.800,000birr

3.75,000birr

4.punp theft

5.rebar theft

6.pump theft

7.24,000 birr

8.900birr

9.37,500birr

10.pump theft

11.SL, H, SH, L

12.cement theft

13.cement theft

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1.accepting, mitigate, avoid, transfer

2.transfer
3.to mitigate he rebar theft risk the things I can do is

-install a short pole and tie the rebar firmly with chains to the pole and lock it

-hire a security

4.mitigate/reduce

5.avoid

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1.hire night security

2.no

3.you should identify copper wire theft as a risk and add it to the risk register

-plan a response only if the risk is significant

4.contingency is a backup up plan in place for when things go differently than expected. They are
created for identified risks. Since, if you don’t know what your risk is, it’s impossible to plan for it. In
Anne’s case she forwards the due date for suppliers such as the wedding dress and the wedding cake to
ensure they complete what is required well before the actual date of the wedding.

5.Because if one or more of these suppliers don’t complete their required deliverables on schedule.
since they are the must to be provided on the wedding day.

6.avoid

7.because its allows project managers to be able to account for unforeseen situations without having to
change the coordination of a project in a major way. And also this specific deliverable might have a
knock on effect where one activity is dependent on another being completed thus causing delays on the
critical path so buffer period will help to compensate the delay.

8.For example, on excavation of the soil there might be a rain in that it will fill the pit excavation so that
we have to use pumps to remove the water a buffer period will compensate this and also material
delivery might delay on the project a buffer period will have to compensate this.

9.no

10.accept

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1.social

2.technological

3.legal

4.economic

5.environmental
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1.she is aware that she hasn’t done this before she’s taking a fair bit of pride that she’s going to lay
these tiles as a one-person project and she’s prepared to accept that risk. She seems to be pretty
switched on so she will go and do her research to ensure that she polishes up on that but she is
prepared to accept the fact that she hasn’t done this before and she will accept the technical challenge.

2.risks can be transferred in peter’s case for Instance he is part of a larger organization. He is dropped
into this thing in the planning phase he needs to manage a wide range of stakeholders. He may decide
to tap one of his colleagues on the shoulder somewhere else in his organization who specifically deals
with stakeholder’s management and transfer the restaurant to onto this person in order to reduce the
risk to himself in terms of dealing with that beyond that.

3.the risk is too high, avoid the risk

4.it’s an ongoing

-risks may change

-it needs to be monitored and reviewed

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1.it means that risks are inevitable and need to be dealt with in everything we do. There may be
common place risks that are almost inevitable. For example, the risk that a member of the team is sick
for part of the project. There may be some unlikely but high impact risks, for example, the risk that the
solution could cause the destruction of the organization.

2.risk identification, risk assessment, risk response

3.projects

4.there are more risks in projects as they are usually done for the first time, while in operation there are
fewer risks as they are repeated many times. Project risks could prevent from delivering the project on
time, cost and quality. But on going operation are followed by procedures to produce the same result or
a repetitive service so they will encounter fewer risk.

5.-often

-often

-sometime

-often

-often

-often

-often

-rarely
-often

6.uncertain events or conditions make the project out of scope. For example, individuals may add
features to the product that were not approved.

7.Risks could affect the deliverables to be produced for example, shortage if cement will make it difficult
for the completion of the structure of the building

8.Risks are always linked to one or more stakeholder groups who may be directly or indirectly
influencing or influenced by these risks, this means that the bigger a risk to a project’s outcome, the
more closely the associated stakeholder groups must be managed.

9.WBS helps to identify the project risk while going through it, each activity on the WBS can be assessed
and help to monitor risks associated with the project.

10. when the project is at risk the triple constraint time, cost, and scope are affected. For example,
demolishing of unqualified structure of a building such as columns will extend the time because of
addition rework and there will be additional cost due to rework and the scope will extend including
demolishing columns.

11.when project is at risk activities that are dependent will be affected. For example, the shortage of
cement might lead to the increment of price in cement which will affect our building project in terms of
cost.

12.project risks will lead to bypass of constraints. When the project is at risk constraints such as time
constraints, budget constraints are directly affected.

13.Assumptions that we consider in the project such as no rain will occur in the dry season for planting
teff might totally fail the project if there is a probability of rain on the wedding day which is against our
assumption.

14. risk is an event that is caused by uncertainties when executing the project. Risks are part of the
project whether they happen or not. Preparation for risks is required for effective management of the
project. Early identification of risks helps to avoid potential damage.

15.it is important in that it gives the chance that the objective of the project will produce too much of a
good thing. For example, a project management team controls the risk that a project will go over budget
and the positive risk that the project will be under budget. being under budget is a good thing because
the company saves money. However, in the context of project management it is considered a planning
error. You didn’t really save money the project manager overestimated the project under budget
projects are something project manager try to avoid. However, when it happens it’s an opportunity to
reallocate resource.

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2. the error on page 14 redundancy of the question “dependency”

3.risks are inevitable and need to be dealt with through out the project life cycle. It is important to
monitor and review risk throughout the project. The risk management process supports the ongoing
nature of the ss