You work for a software development company. Your software development team is working on a complex program that involves integrating multiple systems. One potential risk is that a critical system may fail, which could cause delays and increase costs. Your job is to mitigate this possible risk, of a critical system failure and to evaluate the impact on the project's scope, timeline and budget. You may then be required to develop a contingency plan that includes regular testing of the integrated systems and a process for quickly identifying and resolving issues. Choose any company as you see fit to contextualise the foregoing scenario of project risk.

QUESTION $1(20$ Marks$)$

Identify and contextualise AT LEAST FIVE $(5)$ risk management principles for your project. Ensure a detailed discussion is provided for each risk management principle presented.