$3\mathrm{.}1$ What is a risk management plan and what is its purpose? List and briefly describe the typical content of a risk management plan. Provide references to support your answer.

$3\mathrm{.}2$ It is costly to develop and execute a risk management plan. Explain how you would convince the board of directors of a company embarking on a major risky new business initiative that it is prudent to undertake risk management.