3. Risk management assumes that almost all problems are discovered early enough so that there is time to recover from the missing schedules or overspending the budget. Various studies concluded that formal risk management approaches can provide a useful insight into the project. As a senior PM consultant, you are instructed to lead a project and required to develop a risk management plan. Describe your plan and convince the stakeholders that formal risk management is crucial to improve the quality of investment decisions. (Total: 20)