In this assignment we will examine risk identification tools and techniques as defined in the PMBOK sections 11.1 and 11.2. Keep in mind that the term 'risk' simply refers to project 'uncertainty, and project 'uncertainty can refer to both opportunities and threats (PMBOK sections11.5.2.1 and 11.5.2.2). For this assignment we will attempt to propose a practical process by which 'uncertainty could be identified within a project. To help give this assignment context, you can assume that the project we are working on is a Dream House Project with a Work Breakdown Structure (WBS) that is similar to what is shown below: Dream House Project Foundation & Landscape (ID 100) Outside (ID 200) Inside (ID 300) Inspections (ID 400) Project Management (ID 500) Excavate Foundation [ID 101) Frame House (ID 2010) Electrical (ID 301) Frame (ID 401) General PM (ID 501) Construct Foundation (102) Finish Roof (ID 202) Plumbing (ID 302) Electrical (ID 402) Kick off meeting Team building Status reporting Rough Landscaping ID 103) Install Siding PID 203) Mechanical (ID 303) Plumbing (ID 403) RISK Management (ID 502) Finish Landscaping (ID 104) Install Soffit and Fascia (1 204) Drywall (ID 304) Mechanical (ID 404) Quality Management (ID 503) 2 Finish Carpentry & Fixtures ID 305) Final (ID 405) Part 3 (2 marks): For this section you will provide practical examples of how risk identification could be used within a project. You are to do the following: . Provide examples of two threats (PMBOK p. 397) and two opportunities (PMBOK p.397), and identify which WBS item (from the supplied WBS diagram) and which RBS category (see Part 1 work) these risks would be associated with. Part 4 (3 marks): Understanding Threat Strategies (PMBOK section 11.5.2.4). Consider the following scenario - prior to starting your construction project, you have been offered a contract to demolish (tear down) the old and condemned building that is currently in the location where your project plans to build. While you are considering accepting this new (and separate) contract to demolish the old building, you are concerned that there might be a risk that asbestos is in the building. If your workers are exposed to asbestos, there is a possibility that they could develop lung cancer, potentially even years after the project is over. Your team lacks the proper disposal tools and necessary training to deal with hazardous material like asbestos. You are worried that, if asbestos is found and that if your untrained and ill-equipped workers are the ones who clean it up, then your company could be liable for health problems that the workers might encounter years in the future. If this were to happen, then these lawsuits have the potential to bankrupt your company. I What do you do? How do you handle this risk