Question 1.

Dynamics of uncertainty objects was introduced through internal and external changers. These could be either controllable (certain) or uncontrollable (uncertain). Provide detailed arguments to determine, when is a decision really a decision and when it is an opportunity.

Question 2.

A project risk management plan is a short working document that puts together and synchronizes the three main components of a risk management system:

- Organizational framework

- Risk management process

- Risk management tools

Explain with an example, what happens when projects do not have risk management plans?

Question 3

It is important to select adequate methods to assess various uncertainties that give rise to overall project outcome uncertainty (Deterministic and Probabilistic versus Qualitative and Quantitative methods)

Consider your final project topic: What you consider will be the best set of adequate methods that covers all types of project uncertainty objects? State clearly your project topic.

Question 4.

Identification of uncertainties is the first step in the risk management process. Identification techniques and tools should be adequate to assure that most major relevant uncertainties get identified.

Discuss, how should the three dimensions of risk management be used to structure uncertainty identification?

Question 5.

According to risk experts, "Risks" have the potential to overturn business strategy and threaten brand and reputation. However, whenobserved through a strategic lens, "Risk" can also be a tremendous opportunity to achieve competitive advantage.Discuss, why risk management has become a high priority for many executives and organizations?