effective risk management

This assignment consists of three parts which should all be answered. The marks allocated and the maximum word limit for each element is given below. For questions 1 and 3 you are expected to discuss relevant theoretical material and provide practical examples to illustrate your argument. For question 2 you are expected to show all working (to 2 decimal places) in your calculations. Answers to all parts should be appropriately referenced.
Total word count 3000
Question 1
To be effective risk management should occur throughout a project’s life-cycle.
Discuss.
(900 words, 30 marks)

Question 2
A project has been identified as having the following activities that will need to be undertaken together with any predecessor activities and their expected durations (in days)

Activity    Predecessor activities    Expected duration
A         5
B         4
C         9
D    A, B    6
E    B    3
F    C    1
G    E, F    8

a)
Produce a detailed schedule for this project based on the expected durations for each activity that indicates the earliest and latest start and finish times, and slack (or float) for each activity.
(600 words equivalent, 20 marks)

b)
Based upon this analysis how long will it take to undertake the project and what aspects would you focus upon when implementing it?
(300 words, 10 marks)

c)
The expected durations of each activity are based upon your own best estimates of how long each might take. What could you do to improve the accuracy of these estimates and what effect would this have upon the planning and implementation of the project?
(600 words, 20 marks)

Question 3
Why is it important that planning for a project includes how it will be closed, whether it was successfully completed or not?

(600 words, 20 marks)