QUESTION $1$

Up to an additional $5$ marks will be available for a reasoned discussion around your answers

a$)$ Explain with examples the differences between the following pairs of terminologies in

project risk management:

i$.$ Proximity and Dormancy of a Risk

ii$.$ Stakeholder Risk Threshold and Tolerance

iii. Variability Risk and Ambiguity Risk

iv$.$ Qualitative Risk Analysis and Quantitative Risk Analysis

v$.$ Risk Review and Risk Audit

$[25$ Marks$]$

b$)$ During the execution of a project, a risk is identified by a team member. This newly

identified risk is currently not in the risk register. As a project manager, list and briefly

explain the steps you will take to manage this risk.

$[10$ Marks$]$

c$)$ As a project manager, you will be required to implement risk response plans for your

projects. List and explain any five $($$$)$ typical outputs of this process.

$[10$ Marks$]$