Exercise Case Study: Construction Project You are the project manager for a construction project that involves building a new office building. The project is estimated to cost $10 million and is expected to take 12 months 1. Design errors: There is a 10% phase, your team identified the following potential risks: 2. Pead to additional design costs and construction delays of up to 2 months lead to additional permit costs and construction delays of up to 3 months. 3. Material shortages: There is a 15% chance-that material shortages ma which could lead to additional material costs and construction delays of up month. Labor disputes: There is a 5% chance that labor disputes may occur, Severity of the consequences of the delay are as follows: 1-2weeks (1); 36 weeks (2); 7 -10weeks (3) Q1: Calculate the overall risk factor for the project. Q2: Based on the overall risk factor, determine the appropriate risk mitigation strategies that can be deployed to manage the identified risks. Arrange the risks in accordance to severance of the risks Q3: Creatively provide plausible solutions to each of the risks