Question: QUESTION 3 (25 Marks) Risk assessment is the identification, quantification and evaluation of the probability of the ecourrence of risk events and the impact of

QUESTION 3 (25 Marks) "Risk assessment is the

QUESTION 3 (25 Marks) "Risk assessment is the identification, quantification and evaluation of the probability of the ecourrence of risk events and the impact of the risk events on a project. Risk assessment addresses issues such as: What can go wrong? How likely is this to happen? If it does happen, what are the consequences? In essence nsk assessment is both proactive and reactive measures to project risk management." Discuss this statement with reference to the nisk management plan process and cite examples to demonstrate your understanding of the theory

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