ASSINGMENTS

Assignment #1
QUESTION:
The members of a risk management team have identified a dangerous risk in the construction phase of the project. They assess that the likelihood of occurring such
risk is around 60% and if the risk happens, it will $100,000 cost the project (Original Value At Risk = 60% * $-100,000 = $-60,000) .
To tackle on this risk, they considered three mitigation measures, namely Measure A, Measure B, and Measure C. they also consider the risk acceptance strategy
which refer to do nothing against the risk.
There are two possibilities after conducting Measure A; 1) the measure strongly mitigate the risks likelihood and impact (probability = 30%) and; 2) the measure
weakly mitigate the risks likelihood and impact.
The following table represents the impact of each measure in mitigating the likelihood and impact of the risk.
Risk Mitigation Percentage
Likelihood

Impact

strongly mitigate

75%

80%

weakly mitigate

30%

25%

Measure B

55%

60%

Measure C

40%

35%

Measure A

The cost of implementing the Measure A is $10,000; Measure B is $5,000; and Measure C is $2000.
The chief risk manager decides to implement Measure C if conducting Measure A does not lead to strongly mitigate the likelihood and impact of the risk.
Use Decision Tree Analysis to determine what is the best strategy against this risk, so that at the end it least costs the project. Elaborate your method.

Due date : 09/06/2016 submit using hardcopy

Assignment #2
Prepare a risk management plan for a
bungalow house using cost plus type
of contract.

Due date : 16/06/2016 submit to

turnitni.com

Assignment #3
Discuss using examples three (3)
strategies to minimise risk related to
late payment from client to the
contractor.

Due date : 23/06/2016 submit to turnitni.com

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