QUESTION 3 a) Explain the risk management procedure. Set out the risks associated with attending the annual Engineering Institute of Zambia symposium in Livingstone. Draw a risk register (log) and populate it with at least four perceived risks. Analyse these risks and rank them. b) You are planning the manufacture of modification to an existing product. Your analysis has come up with the following information. What contingency reserve would you use?

Project data	Cost contingency
There is a 30 percent probability of a delay in the receipt of parts, with a cost to the project of ZMW90,000.
There is a 20 percent probability that the parts will cost ZMW 100,000 less than expected.
There is a 25 percent probability that two parts will not fit together when installed, costing an extra ZMW30,500.
There is a 30 percent probability that the manufacture may be simpler than expected, saving ZMW20,500.
There is a 5 percent probability of a design defect, causing ZMW 50,000 of rework.
Total cost contingency