Bolcares resources are embarking on a lithium project and have identified the following risk affecting its supplier procurement.

• Due to bulk orders and the ability to leverage discounts on bulk orders, lower procurement costs for Lithium may occur, leading to increased profitability and potential for competitive advantage.
• Due to the delivery from Vancouver to Winnipeg, which would lead to a reduction in transportation costs resulting in the transportation of Lithium through the railway.
• Due to the inability of the supplier to meet the quantity of Lithium demanded resulted in a production and delivery delay leading to loss of customers and decreased revenue
• Due to the inability to benchmark prices, resulting from using a single supplier, which leads to a financial loss.
• Due to the higher inflation rate on commodities, lithium's price may increase, resulting in an increased procurement cost and spending above budget.
• Due to the natural disaster in the supplier's country, which would lead to the supplier's inability to deliver Lithium, resulting in production delays and potential revenue loss.
• Due to a communication gap with the supplier, leading to inaccurate order deliveries, resulting in production delays and reputation damage.
• Due to the absence of quality control with the Lithium supplier, it fails to meet the standard quality specifications leading to delays in production, increased costs, and reputation damage.
• Due to strict regulatory issues in the North American region, a supplier may be unable to export to the region, leading to the cancellation of shipments, loss of funds and brand reputation damage.
• Due to Political instability in Australia, China, or Argentina leading to delays in shipment and delivery to Vancouver, leading to an increased production time and loss of customers

Question

(a) Kindly assist in providing the following:

• Risk Planning Methodology
• Roles and Responsibilities for risks from your project
• Key Stakeholder Tolerances and Thresholds to risk - at least 3 key stakeholders
• Quantitative Risk Analysis for the project (minimum four risks) risks with Expected Value Analysis for Costs and Time
• Budgeting information from your project and high-level risks (minimum four risks)
• Timing Schedule from your project and high-level risks (minimum four risks)
• Reporting Format and Tracking of risks to stakeholders

(b)Kindly assist in providing the following for each risk stated above:

• Risk Category
• Primary Risk Impact Area
• Risk Strategy
• Risk Response Plan (Contingency Plan)
• Risk Owner