Question

QUESTION 2 Using your own example, develop a WBS for a project in which you are going to build a agriculture equipment. Identify all of the major components and provide three levels of detail with the identification number (10 marks) With reference to the above project Project risks can/cannot be eliminated if the project is carefully planned. Explain (4 marks) The chances of risk events occurring and their respective costs increasing change over the project life cycle. What is the significance of this phenomenon to a project manager? (3 marks) ii. What is the difference between avoiding a risk and accepting a risk? (3 marks) TOTAL: 20 MARKS

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Answer 1

WBS for a project in which you are going to build to agriculture Equipment: - Level-1 \r\n With reference to the above project- (i) project risk cannot be fully Eliminated Even when the project is care fully planned. In my views careful planning of the project helps in reducing the risks affecting the project but cannot lead to 360 degree protection of project against risks The management must try to identify the key risk indicators of the project Keeping a tab on these indicators will help a company to be prepared for any kind of risk through risk assessment must also be done as to Eliminate some of the tangible risks from the project However risk can arise from various internal and External factors. Hence 100% risk mitigation and reduction can happen only in ideal situations. \r\n (ii) The change of risk Events occurring and their respective costs increasing change over the project life cycle. Every life cycle stage