Quiz One: Categorising Risk

Based on what you have learned in your lecture material on risk analysis, you should complete
the following quiz.
Part One [30 marks]
Create a risk matrix like the one in Table 1 for the criteria listed in Table 2. Hint: Use the
formula provided in the lecture slides.
Table 1:

Table 2:
Hazard
Cost overrun
Environmental impact
Time overrun
Public concern
Staffing constraints

Hazard Likelihood
3
3
4
2
1

Severity of Hazard
4
4
5
3
1

Part Two [25 marks]

Now that you have categorised the risks, you should now attempt to answer these questions. If
you should require assistance follow; http://www.diycommitteeguide.org/article/conductingrisk-assessment
1.
2.
3.
4.
5.

What are the risks that the project manager can accept?
What risks should the project manager deal with immediately?
How would you deal with the high level risks?
What other risks may you encounter on a large project?
List the steps in identifying hazards. What other hazards would you add to Table 2

Part Three [45 marks]

Short essay question: Write a single A4 page explaining what risk is in a project environment,
what constitutes a risk and what risk management is. Your answer should relate to a specific
project you have been involved with or an example from another source.