Considering the project on Ocean Gate [Titan] tragedy; Deliver a comprehensive report covering the project components and key aspects of the risk management process as recommended below:

1. Planning risk management:

• Develop a detailed Risk Management Plan for the selected project.
• Define roles, responsibilities, and communication strategies for the project's risk management team.
• Establish the criteria for risk categorization and prioritize risk responses.

1. Identify project risks:

• Utilize techniques such as brainstorming and checklists to identify potential risks.
• Document identified risks in a Risk Register, including descriptions, potential impact, and initial assessment.

1. Perform qualitative risk analysis:

• Categorize risks based on their potential impact and probability of occurrence.
• Assess the qualitative impact of identified risks on project objectives.
• Prioritize risks for further analysis based on qualitative assessments.

1. Perform quantitative risk analysis:

• Utilize quantitative methods such as Monte Carlo simulation to assess the probabilistic impact of risks.
• Develop a probability distribution for key project variables.
• Evaluate the potential cost and schedule impacts of identified risks.
• Formulate risk response strategies for high-priority risks, considering both positive and negative risks.
• Develop contingency plans and fallback plans where applicable.
• Ensure alignment of risk response strategies with project objectives.

1. Monitor and control risks:

• Establish a robust monitoring and control framework for ongoing risk management.
• Develop Key Performance Indicators (KPIs) for tracking project progress and risk status.
• Implement regular risk review meetings and updates to the Risk Register.