QUESTION 1 = According to Gido and Clement (2015:287), a
desirable approach is to establish risk categories. This is a
grouping of potential sources of risk that might occur for each
category. Categorising project risks allows for the prudent
management of risks by dedicated personal. Discuss the different
categories of project risks and provide a discussion on the risks
in the case study by categorising them.
QUESTION 2 = risk register is a mechanism to ensure
record of the project risks so that each one may be tracked and
mitigated against. Discuss the contents of a risk register, make
reference to the risks identified in question 1 and record them in
a risk register. All assumptions made must be
Risk Management Strategy and Tactics
The following risks have been observed:
1. Lack of a prime contractor may lead to poor coordination and
ultimately a longer schedule.
2. The number of packages, 15, may lead to more efforts in
coordination and communication.
3. The standard EPC contract has no requirement for the
contractor to perform risk management.
4. The joint venture has policies and procedures, but does not
have risk management procedures yet in place.
5. Retendering could produce lower contract offers, which would
be a positive risk. It would also delay the project by several