Question 3 A good risk management framework should contain risk response strategies for responding to risks in an organization. Against this background, you are required to prepare a framework of risk response strategies which will serve as a guide for responding to risk while managing risks in your organization. You are also required to explain your risk response framework to enable the top management in your organization have a better understanding of the newly prepared risk response framework. Preparation and presentation of framework. (5 marks) Explanation of the framework. (5 marks) Question 4 Suppose you have been appointed as risk management leader for a construction project. You identify that there are four risks affect your project. Risk Probability Maximum Impact of Contingency $ Risk required 40% (30,000) B 35% 20,000 50% 40,000 D 20% 70,000 your budget for contingency reserve needs a) Explain expected monetary theory of risk management. b) Calculate the contingency required for your construction project. c) If construction industry experiences Risk C, how much is left in contingency reserves? d) If Risk A occurs, how much is left in contingency reserves? e) A project has a 60% chance of a $100,000 profit and a 40 percent of a US $100,000 loss. The Expected Monetary Value for the project is: Question 5 Explain the various risks experienced by your organization during COVID 19 and analyse strategies of your organization in dealing with COVID 19 risks