TASK: You are a project manager at Telkom. Your manager asked that you manage a project that entails the building of a telephone exchange in Johannesburg, Gauteng. The exchange will feed the businesses in the Johannesburg central area. In light of past project failures, your manager has requested that you afford extra attention to the risks associated with the project. There is no room for failure as the customers are expecting service on the promised date. Analyse the following questions and develop your response to each one by clearly showing how you will manage the project using sound project management principles. Answer ALL the questions in this section.

Question 1 (20 Marks) Project risk management principles acts as a yardstick to a project manager. For your project, discuss the risk management principles that you will be taking cognisance of so as to prudently manage your project risks.

Question 2 (20 Marks) Project risks should be identified at the planning stage of the project. Identify the risks associated with your project and show which part of the project lifecycle they are expected to occur.

Question 3 (20 Marks) Having defined your business objectives by the work breakdown structure, the next step is to identify what areas of risk, uncertainty and triggers could prevent you from achieving these stated objectives. Discuss the techniques that you will use to identify your project risks.

Question 4 (20 Marks) Having identified the various possible risks inherent in the project, the next step is to assess these risks. Risk assessment involves determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective. There are those risks, however, that pose serious threats to the welfare of the project. Using an appropriate table for risk assessment, record at least 10 risks. Thereafter justify your assessment of each risk.

Question 5 (20 Marks) The probability and impact of risks can be charted by a project manager on a probability/impact matrix or chart. A probability/impact matrix or chart lists the relative probability of a risk occurring on one side of a matrix or axis on a chart and the relative impact of the risk occurring on the other (Schwalbe, 2015:438). Use the identified risks in question 4 and record them on a probability/impact matrix. Thereafter justify your probability and impact assessment of the risks