a) Define the term risk management as used in project management (2 marks) b) Describe four risk factors in every project which must be audited (8 marks) c) Describe five skills that are needed by a project manager for a successful completion of a project (5 marks) d) Given the formula; RRL = REbefore – REafter
Risk reduction cost
Where: REbefore Original risk exposure value
REafter – Risk value/ exposure after taking action
Risk Reduction Cost Cost of implementing the risk
Calculate the RLL for a software development project costing as follows: (5 marks)
-Hardware 120,000/=
3
-Software 260,000/=
-Insurance 210,000/=
QUESTION FIVE(20 MARKS)
No Activity Duration (weeks) Precedents A Hardware selection 6 B Software Design 4 C Install Hardware 3 D Codes and test hardware 4 A E File Take on 3 B F Writer user manual 10 — G User training 3 E,F H Install and test the system 2 C,D
Using the above diagram, answer the following questions:
a) Construct a network diagram with the earliest and latest times (12 marks) b) Determine the critical path and completion time (2 marks) c) Describe the role of slacks in network analysis (2 marks) d) Calculate the float for each activity (4 marks)
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