Case study: The Prime constructors are working on a new construction project. At the different stages of the construction project, the cost incurred on the project at the scheduled time are calculated to monitor the expenditure and cost on agreed cyclic basis. The work schedule for completion of the construction project is 40%. The details of the budget plan are provided to you as below and you are required to perform calculations and answer the questions in the space provided to you. The total planned budget details are as follow: The budget for your project is $100000 Work schedule for completion is 40% Corresponding scheduled projected amount incurred should also be 40% Total number of hours estimated till 40% completion is 400 hours Direct labour cost per hour is $25 per hour Total amount spent upon quantities is $25000 Overhead cost is $5000 The following factors have contributed to the excess spending of the project: Inflation in input supply prices Maintenance cost of the equipment's Delays in supplies Now, the actual quantities produced, and amounts used are as follow: Total number of hours estimated till 40% completion is 400 hours Direct labour cost per hour is $25 per hour Total amount spent upon quantities is $28000 Maintenance cost is $3000 Overhead cost is $5000 In this task, you are required to:| Implement processes to monitor actual expenditure Monitoring the cost incurred on project at this scheduled time and measuring the cost variations. Modification in the contingency plans Report the revised budget to the higher authority such as your immediate manager. If you are not working in the industry, your trainer will act as your immediate manager. Based on the scenario, perform the following calculations and give answers to the following questions:Question 3: Based on the scenario, fill the template given below recommending the revised contingency plan: Risks identified Examples Risk control