You have been selected as the PM for a financial system development for a large organization which costs $5m and takes 2 years. After developing the PMP, you've identified a list of risks of different nature in terms ofimpactandprobability.

a. Briefly describe the 4 different risk response strategies discussed in the lecture. (6)

b.Now, identify 4 risks in this project with different level (low, medium, high) of impact and probability. For each of the 4 risks, apply one of the response strategies from (a) and justify your response by the impact and probability pair. (8)