Project ProgressThe 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. During the project life cycle, project risk reviews and reports are required, as previously identified in the risk management plan. Two months after the project started, the following events have taken place:The top two threats have occurred.The top opportunity has been realized.The project’s risk budget is already exhausted.The risk management schedule has been shortened by two months.Write a 4–6 page paper in which you:Analyze the impact of the events on the project.Determine if any mitigation activities are required and explain why.Determine if budget or schedule changes are necessary and explain why.Update the risk register and highlight the changes made. Provide the justification for the changes.Use at least four 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:Assess the impact of events on the project’s progress in order to determine an appropriate risk response plan.