Various medical supplies and products at Zambia Medicines and Medical Supplies Agency (ZAMMSA) have expired due to over procurement while others are due to the change of treatment guidelines in Zambia. Among the expired are essential drugs like Aminophylline, insulin, hydrogen peroxide, cloxacillin oral, eye drops and family planning pills microgynon. This came to light when Minister of Health, Dr Jonas Chanda visited ZAMMSA. Dr Chanda has expressed displeasure that medical supplies and products are going to waste when Hospitals do not have medicines and lab reagents. He has warned that all the cartels that are sabotaging the government in the procurement system will be fished out. Dr Chanda has since directed management to submit to his office a comprehensive report on drugs that have expired and those that have been recalled and the amount involved by tomorrow morning. Meanwhile, ZAMMSA Operations Manager, confirmed that the delay in disposing of the expired products was due to lack of funds. 

Required:

 A. ISO 31000 emphasizes on the Risk Management Framework (RMF). From the definition of the RMF, briefly explain the contents and importance of the foundations and organizational arrangements. 

 B. Develop a Risk Management Register for ZAMMSA with the following components: 

Risk Source, 

Risk Factor, 

Risk Analysis (Probability Vs Impact),

 Risk Impact, 

Risk Significance, 

Risk Ranking, 

Risk Owner 

Risk Mitigation Measure.

C. Poor Management Technique is one of the risks which affects the effective implementation of the project. Describe what it is, and provide four mitigation measures.

D. Briefly explain the relationship of Value Management and Risk Management.

E. Illustrate and explain how any of two risk parameters are associated with this ZMMSA situation.

F. Briefly illustrate the characteristics of uncertainty on a project life cycle with the aid of a diagram.