Q4 Risk management is a critical part of the project planning process. Thus, Good project management can be viewed as risk management.

a) Distinguish between pure risk and business risk (4 marks)

b) What do we mean when we say that a project network is sensitive and why is that important to a project manager? (5 marks)

c) In project management terms, what is meant by "managing the trade-offs?" (5 marks)

d) Identify the three major categories of project costs and give an example of each. (6 marks)