Managing risk, Change Control and Quality Management. 1. Project risks can/cannot be eliminated if the project is carefully planned. Explain. 2. 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. What is the difference between avoiding a risk and retaining a risk? 4. What is the difference between risk mitigation and contingency planning? 5. Explain the difference between contingency reserves and management reserves. 6. How are the work breakdown structure and change control connected? Part B: Class Assignment (To be submitted for the weekly assessment for AT1). Create a Risk Plan - After an independent enquiry into the state of the rail sector, the NSW government has decided to upgrade he rail network in the local region. The upgrade will provide local coastal communities with a fast rail service, enabling more rail users to access the rail network, more frequently and more cheaply than before. This extensive project will enable an additional 500,000 users to access the rail network per day and it will provide a major boost to the coastal economy