QUESTION THREE

1. Risk allocation relates to determining who is responsible for dealing with risks. Normally, risk should be allocated to the party that is best able to manage it or the party best able to control or minimize the impact of the risk. Explain this statement. [8 marks]
2. Briefly explain how the Bow Tie and Delphi Techniques are applied to Risk Analysis? [8 marks]
3. The major difference between a thing that might go wrong and a thing that cannot possibly go wrong is that when a thing that cannot possibly go wrong goes wrong it usually turns out to be impossible to get at or repair. Douglas Adams (2014). Operationalize this statement to the Board Members at AIRTEL Zambia Limited [8 marks]
4. Extricate between Risk and Uncertainty with some practical examples [6 marks]