Question: Question 4 In project planning both before and during the project the project owners carry out risk analyses. The methods aim to enumerate and possibly

Question 4 In project planning both before and

Question 4 In project planning both before and during the project the project owners carry out risk analyses. The methods aim to enumerate and possibly quantify risk in term of revenue list or late delivery. A project is a major sports complex to be built on former industrial land in a large city. The project management encompasses planning, design and construction and then disposal of some sports assets and related infrastructure after the event is closed. The contract will specify a completion date and penalties for late completion. a) Describe some approaches to the systematic enumeration and evaluation of risk. [4 Marks] b) Describe how a fixed end date can introduce significant risk. [5 Marks] Discuss how risks can be compared when there is uncertainty about the estimates involved. [6 Marks] d) Such a project will involve many professional disciplines. Good team working is essential. Describe the concept of integrated teams relating to this sport complex project and how the use of the teams can reduce risk. [5 Marks]

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