QUESTION $1(25$ Marks$)$

$1\mathrm{.}1$ Mr$.$ Silva has assigned you to assist with implementing risk management on the project. Considering the concerns about the project budget and potential cost overruns, provide a detailed recommendation to Mr$.$ Silva.

Justify your response with specific risk management strategies and how they can help manage the budget effectively. $(10$ Marks$)$

$1\mathrm{.}2$ Based on the case study, identify and discuss at least five potential risks associated with the Hyperloop Project.

Populate a risk register with the following columns: risk type, category, description, impact, probability of occurrence, and proposed mitigation measures. $(15$ Marks$)$

QUESTION $2(25$ Marks$)$

$2\mathrm{.}1$ Evaluate the risks associated with the Hyperloop Project by considering the project's unique challenges and opportunities. $(15$ Marks$)$

Discuss at least five key risk factors, their potential impacts on project delivery, and propose specific mitigation strategies. Your evaluation should cover:

$$ Technical risks

$$ Financial risks

$$ Environmental risks

$$ Social risks

$$ Legal$/$regulatory risks

$2\mathrm{.}2$ Based on your evaluation, develop a comprehensive mitigation plan detailing the strategies to address the identified risks. Your plan should include:

$$ A clear outline of each mitigation strategy

$$ The expected impact of each strategy on the risk level

$$ An implementation timeline for the strategies

$$ Monitoring and review mechanisms to ensure mitigation measures$$ effectiveness $(10$ Marks$)$

QUESTION $3(25$ MARKS$)$

$3\mathrm{.}1$ Differentiate between aggregating risks using static values, where risks are assessed with fixed probabilities and impacts, and aggregating based on risk$-$driven occurrences, which considers dynamic factors and evolving risk profiles.

Support your explanation with examples from the Hyperloop Project case study, highlighting how each approach applies in practice. $(15$ Marks$)$

$3\mathrm{.}2$ Discuss the advantages and disadvantages of each risk aggregation method, static values and risk$-$driven occurrences in the context of the Hyperloop Project.

Consider factors such as flexibility in response to changing risks, accuracy in risk assessment, ease of implementation, and overall effectiveness in managing project uncertainties. $(10$ Marks$)$

QUESTION $4(25$ MARKS$)$

$4\mathrm{.}1$ Summarise the essential components of risk quantification that should be integrated into the risk model for the Hyperloop Project.

Explain how these components collectively contribute to comprehensive risk analysis, ensuring thorough identification, assessment, and management of project risks. $(15$ Marks$)$

$4\mathrm{.}2$ Using examples from the Hyperloop Project case study, summarise three benefits and two drawbacks of sensitivity analysis in project risk management.

Discuss how sensitivity analysis aids in understanding the impact of uncertainties on project outcomes and highlight its limitations in providing complete risk insights.

QUESTION $5(15$ MARKS$)$

Refences