Selecting risk response strategies and monitoring risks – due 12/7

 Please see attached for details. You are a project manager for a compliance-driven, complex project. You just completed risk identification and risk analysis of 15 key risks that could affect your project (Unit 2 IP). Your manager reviewed your report and asked you to create another report to address the other two phases of risk management life cycle, as follows:Selecting appropriate risk response strategiesRisk monitoring and controlYou will use previously identified and analyzed risks. You need to recommend approaches to reduce or eliminate the impact or probability of these risks for negative risks. You will also use the identified approaches to recommend approaches to increase chances of a risk event happening for positive risks.You will need to provide the following for this report:Detailed explanations of key conceptsClassificationsTechniques used for this effortThe company hired a consultant who provided a template with explanations and key tools to be used for completion of this report. Use the template provided to complete a 5-page report (excluding the cover page). NOTE: Please delete all instructions and examples before submitting your work.The following sections must be included in the report:Roles and responsibilitiesRisk toleranceRisk considerations according to priorityRisk response strategies for negative risksRisk response strategies for positive risks Risk monitoring and control

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