Risk Management PlanThe PCNet Project (B) **Dynamically Managing Residual Risk**Assignment is based on the case studyThis case was written by Christoph H. Loch, Professor of Technology and Operations Management at INSEAD. It is based on real events, but the names of all companies and participants have been disguised. Any similarity with existing companies is accidental. The case is intended to be used as a basis for class discussion rather than to illustrate the effective or ineffective handling of an administrative situation.Note: The assignments depend on one another (last assignment attached) In this assignment, you will create a risk management plan. You have a budget of $100,000 and a timeline of six months for the plan. Please refer to the Risk Management Plan Template (Figure A-1 in Practical Project Risk Management) to create the plan.Write an 8–10 page paper in which you:1. Prepare the scope and objectives of the Risk Management Process section of the Risk Management Plan, based on the facts presented in the case study.2. Determine the project size, based on the facts presented in the case study, and provide justification based on the Example Project Sizing Tool (Figure 3-4 in Practical Project Risk Management).3. Select the risk tools and techniques, and complete the Risk Tools and Techniques section of the Risk Management Plan for both the qualitative and quantitative aspects of the project. Provide a rationale for the selections.4. Develop the Risk Reviews and Reporting section of the Risk Management Plan, based on the project size previously determined.5. Define the Probability and Impacts section of the Risk Management Plan, and justify the values assigned.6. Define the Risk Thresholds section of the Risk Management Plan, and justify the values assigned.7. Use at least three quality resources in this assignment. Note: Wikipedia and similar websites do not qualify as quality resources.This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.The specific course learning outcome associated with this assignment is:· Create a risk management plan that includes justification to support your rationale.