A construction company HB is tasked with building a high-rise building in a busy urban area. The project has a tight deadline and a large budget, and the company must manage a variety of risks to ensure that the project is completed on time and within budget, based on the following analysis: The potential risks associated with this project might include: Delays caused by inclement weather, construction accidents, or supply chain disruptions. Cost overruns due to unexpected expenses or changes in the scope of the project Safety hazards for workers and nearby residents, such as falling debris or construction noise. Regulatory compliance issues related to zoning laws or building codes. Reputation damage or legal liability from accidents or other incidents on the construction site The company identify and assess these risks and might use a variety of methods to identify and assess risks, such as: Consulting with experts in the construction industry or other relevant fields Conducting a comprehensive site survey to identify potential hazards. Analyzing historical data from similar construction projects to identify common risks. Using software or other tools to simulate potential scenarios and assess their impact on the project timeline and budget. Strategies can the company use to mitigate these risks, might include: Developing a comprehensive risk management plan that outlines how potential risks will be identified, assessed, and mitigated throughout the project lifecycle. Implementing safety protocols and procedures to minimize the risk of accidents on the construction site. Building in contingencies to the project timeline and budget to account for potential delays or unexpected expenses Maintaining open lines of communication with stakeholders, including nearby residents and local government officials, to address any concerns or issues that arise during the project. The company might use a variety of strategies to monitor and manage risks over time, such as: Regularly reviewing and updating the risk management plan to ensure that it remains relevant and effective. Conducting ongoing safety audits to identify potential hazards and implement additional safety measures as needed. Maintaining accurate records of all incidents and near-misses on the construction site to identify patterns and trends in risk factors. Implementing a system for reporting and resolving issues or concerns related to the project from workers, stakeholders, or the public. Questions: To ensure successful project outcomes, you must conduct a risk management process based on the following steps: Step 01: Risk identification by using the RBS and risk profile. Step 02: Risk assessment by using the risk assessment form, risk severity assessment and PERT chart. Step 03: Risk response development by using the using a contingency planning represented through a risk response Matrix.