please thoroughly answer question 3 please follow instructions when instructions .This question is for Advanced project management.

FORMATIVE ASSESSMENT 2 [100 Marks) Important: Students are requested to read widely and answer the following questions on project management. Furthermore, students are required to integrate theory and practice in their answers. The examiner will take into consideration the links to theory and practice and finally the synthesis of the discussion. Students should support their discussions with tables, figures and graphs where possible, Project Scope: You have been head hunted and appointed as a project manager at a construction company called Concor Construction. You have been asked to project manage a project to build a R20m house for the state president of South Africa. This project entails the design of the building plans, construction of the foundation, walls, roof and the complete building so that it is liveable. Since this is a high profile project there is no room for failure. It is required that the following areas be managed meticulously, scope creep, project duration and budget. Your reputation is on the line and any failure could result in detrimental consequences to your image. General comments: Marks in the assessment are primarily awarded for the application of the relevant theory to the requirements of the assessment. Merely reproducing theory is insufficient at postgraduate level. The ability to undertake and reflect on research is a key component to the assessment. The assignment will be assessed in accordance with the following general criteria: Presentation Organisation Analysis and application of theory Relevance Coherence References The expected response to the assessment is outlined above. However, the depth of the theory is such that students may provide answers that may vary. The assessment is therefore assessed by the marker in terms of the relevant theory and marked accordingly. The responses provided by students may not in their entirety be reflected in the marking guide, but could be a satisfactory response to the question. Students are given full recognition for this. Questions: You are required to answer the following questions related to the project that is intended to instil confidence in all stakeholders Answer ALL the questions in this section. Question 1 (20 Marks) You have called a start-up meeting with your team. Discuss some key characteristics, main attributes and the common elements of your project. This discussion is intended to provide a good understanding of the project at hand. Question 2 (20 Marks) Project Management Institute (2017:19) defines the project life cycle as a series of stages that a project passes through from its start to its completion. Your team has asked about the life of the project. Provide the team with a detailed account of the project lifecycle of your project. Question 3 (20 Marks) Kloppenborg et al. (2018:366) defines identify risk as the process of determining which risks might affect the project and documenting their characteristics. Use the Root Cause Identification/Cause and effect/ Fishbone analysis to identify the risks associated with your project. Question 4 (20 Marks) According to Goetsch and Davis (2014:435), Total Quality Management (TQM) is described as a journey and not a destination. Your team has stressed the importance of instilling quality in the project. By referring to the core values of TQM discuss with your team how you will uphold quality in the project. Question 5 (20 Marks) Once a comprehensive list of suppliers has been compiled and reviewed the next step is to evaluate each of the suppliers on the list in detail to ensure that they can deliver the required scope of supply or services. Supplier non-performance sometimes leads to project failure. You have therefore given special attention to the approaches to determine competent suppliers. Critically discuss these approaches and their relevance to your project