Strategie Risk Management - SML7011 - Practice Questions Question 1 Suppose you have been appointed to lead the Risk Management Department in your organization. Your main responsibility is to manage all the risk your organization is exposed to. Against this background, you are required to: What are the different ways to discover and identity risks? Discuss the 8 different ways to identify risks i. What are the different ways of identifying risks? Analyse the different ways of identifying risks. Justify the relevance of the risk management framework to the organization (K2). Question 2 Suppose you have been appointed to lead the Risk Management Team in the construction industry in the MENA Region. Your main responsibility is to manage various risks posed to your organization from time to time. Being a loader/manager of the project, analyze the different ways of Risk Identification and explain the benefits and barriers for identifying risk in the construction industry projects in MENA Region Or Analyse the different ways of Risk Identification in construction industry/project and explain the benefits and barriers identifying risk in the construction projects in MENA Region. Note: You are expected to read the paper on Risk Identification Barriers in Construction Projects in MENA and prepare notes, (reproducing from paper as it is not acceptable). https://piworldlibrary.net/wp-content/uploads/2018/08pm7-A 018hot-Chattas Risk Identification-Barriers-in-Construction Projects-in-MENA Question 3 A good risk management framework should contain risk response strategies for responding to risks in an organization. Against this background, you are required to prepare a framework of risk response strategies which will serve as a guide for responding to risk while managing risks in your organization. You are also required to explain your risk response framework to enable the top management in your organization have a better understanding of the newly prepared risk response framework. Preparation and presentation of framework (5 marks) Explanation of the framework (5 marks) Question 4 Suppose you have been appointed as risk management leader for a construction project. You identify that there are four risks affect your project 50% Risk Probability Maximum Impact of Contingency $ Risk required A 40% (30,000) B 35% 20,000 40,000 D 20% 70,000 your budget for contingency reserve needs a) Explain expected monetary theory of risk management b) Calculate the contingency required for your construction project. If construction industry experiences Risk C. how much is left in contingency reserves? d) ir Risk A occurs, how much is left in contingency reserves? e A project has a 60% chance of a S100,000 profit and a 40 percent of a US S100,000 loss. The Expected Monetary Value for the project is: Question 5 Explain the various risks experienced by your organization during COVID 19 and analyse strategies of your organization in dealing with COVID 19 risks