please answer question 2

4G+ 17:43 Vo LTE Although this is a pilot case, limited to a specific industrial sector, it provided first indications about the PRM adoption in SMEs. The strategic vision of Alpha is one of their main 6/6s. The company concentrates its efforts in managing the risks of project failure to ensure the success of its projects, which is the main fundamental goal to be pursued through a PRM system, followed by optimising performance and extending a proactive approach to manage the other project risks that, if not carefully managed, often cause an increase in project costs and completion time. As it emerged in the literature review, one of the reasons for SMEs to not apply PRM is that CEOs may believe its costs are not justifiable. However, the positive cost-benefit ratio obtained in this project shows that the benefits obtained from the PRM adoption overcome the related costs. Source: https://scielo.conicyt.cl/scielo.php?script=sci_arttext&pid=S0718-27242019000100003 Answer ALL the questions in this section. Question 1 (25 Marks) In project management it is essential to adopt proven principles. Knowing the principles also helps to be proactive in managing project risks. Discuss the risk management principles that OGC, 2009 have provided as pertinent to managing project risks. Apply what effective project risk management involves and the risk management principles that are appropriate in a project context to the case study project. Question 2 (25 Marks) Use the examples of project risks as provided by Mar, 2018 to determine the risks associated with the case study project. Also advise the project manager in the case study how you would have managed these identified risks. Question 3 (25 Marks) Risks can also be identified according to life-cycle phases of a project. In the early life-cycle phases, the total project risk is high because of lack of information. In the later phases, the financial risk is the greatest (Kloppenborg:2015). Use the lifecycle phase risk identification table and record the risks of the case study project. Thereafter, discuss in detail the merits of the information recorded in the table. Question 4 (25 Marks) The primary output of risk identification is the risk register. When complete, the risk register is "a document in which the results of risk analysis and risk response planning are recorded." Design a risk register for the risks identified for the case study project. Thereafter discuss the contents of the risk register in detail