Read the case study below and answer ALL the questions that follow. Lend Lease Case Study Lend Lease Corporation Limited is an Australian-based multinational company that specialises in project management and construction, property investment management and property development. The company has over 11,485 employees operating in more than 40 countries around the world where the Bovis Lend Lease division constructs and manages large building projects. The Challenge Lend Lease is leading a development team that includes Bovis Lend Lease as a project and construction manager for the residential development and infrastructure for Phase One of the Stratford City project. This involves the construction of up to 3000 residential dwellings and related accommodation that are due for completion in late 2011. As the preferred development partner for Zones 2-7 of the Stratford City regeneration scheme, the company needed to implement the latest risk management technologies and model of proposed developments processes to help ensure the successful delivery of this key project on budget and within tight timescales. The Solution Predict! was selected after a rigorous ITT process which included a detailed analysis of all potential solutions. Risk Decisions was one of the only suppliers able to demonstrate a track record of successful implementations and delivery of high levels of support to organisations of a similar scale working on large complex projects. Predict! was also one of the only systems to meet all Lend Lease's requirements for an intuitive and easy to learn system that could be configured to meet the needs of a wide range of different users across the organisation. Prior to installation on Lend Lease's servers based in Atlanta, USA, Risk Decisions conducted a masterclass to introduce the concept of risk management at the highest level and a series of workshops with different stakeholder groups to determine configuration requirements. The company has also provided additional consultancy support to assist with stakeholder mapping and setting a framework to enable risk management to be rolled out and embedded as a core process and procedure. Lend Lease has deployed Predict!, the latest enterprise version of Risk Decisions' powerful suite of risk management and analysis software which includes Predict! Risk Controller and Predict! Risk Analyser. It also intends to implement Predict! Risk Controller Lite, a unique solution that uses familiar spreadsheets to enable infrequent and remote users to provide regular updates on risks. This module will also be a key change management tool to assist in the embedding of risk management across the organisation and will be deployed early in 2009. Predict!'s enterprise dashboard summary is of particular importance to the Stratford City project as it provides a clear view of all risks across the organisation and enables them to be managed across different layers for rapid resolution. Risks can be categorised and scored with qualitative and quantitative impacts scaled for interpretation from different stakeholder perspectives. According to John Walsh, Head of Risk, Athletes Village Stratford: "Predict! is enabling us to meet all regulatory requirements for corporate governance and the management of risk and provides stakeholders with high levels of confidence in our ability to deliver this complex project on time and within budget. It will play an important role in increasing accountability, identification, assessment and role in the management of all risks." Risk Decisions - Leaders in our field Being naturally risk-aware, we don't make claims lightly. So when we say that Risk Decisions is the expert in innovative, practical and effective risk management, we mean it. Our people have many years' practical experience as programme and risk managers in major corporations and government

QUESTION 1 (20 Marks) Project Management Institute (2017) defines risk as an uncertain event or condition. By referring to the risk management process, appraise how the risks of the case study project were managed.