Formative Assessment: Read the scenario below and answer the questions that follow.
Project Scenario Recently, there have been many accidents resulting in deaths on the N3 highway in Johannesburg due to residents attempting to cross the busy highway. In order to prevent pedestrian accidents on the highway, an assessment undertaken by the department of roads and transport revealed that a much-needed bridge is required. The minister has mandated the local department in the area of the accidents to build this proposed bridge within one year. You work in the department as a project manager and due to your excellent record of accomplishment of managing high profile projects, you have been appointed as the lead project manager of this project. You are required to conceptualize the project and manage it until closure. There cannot be any failure, as you will be reporting to the minister for the duration of the project. General comments Marks in the project assessment are primarily awarded for the application of the relevant theory to the requirements of the assessment. Merely reproducing theory is insufficient at master's level. The ability to undertake and reflect on research is a key component to the assessment. The assessment will be assessed in accordance with the following general criteria: 1. Presentation 2. Organisation 3. Analysis and application of theory 4. Relevance 5. Coherence 6. References The expected response to the assessment is outlined above. However, the depth of the theory is such that students may provide answers that may vary. The assessment is therefore assessed by the marker in terms of the relevant theory and marked accordingly. The responses provided by students may not in their entirety be reflected in the marking guide, but could be a satisfactory response to the question. Students are given full recognition for this.
Question: In managing the risks of your project is it advised that you as project manager adhere to the tried and tested risk management principles. Identify these principles and appraise them by applying them to the project.