describe the steps...

Question 3 Answer all three sub-questions: a) Describe the steps followed in a risk analysis and management process. [5 marks] b) Explain how the correlation between the risk factors influences the risk exposure of a project? [5 marks] c) Discuss the various methods used in quantifying the risk exposure. [5 marks] d) Under what circumstances each method in part C) is more appropriate? Discuss. [5 marks] e) Why in a Monte Carlo simulation is very important to run a large number of trials? [5 marks]