You are the risk manager for a large technology project that is scheduled to last one year $($beginning with design and development and ending with production and roll$-$out$).$

It is Day $1$ on the project. How would you structure the project's risk management process?$$ Describe the risk management process that you would implement $-$ be detailed and specific.

Moving ahead to month $3$ of the project, one of your team members tells you that your main competitor is working on a similar product, and they are scheduled to begin distribution of the new product in $6$ months $(3$ months earlier than your scheduled completion date$).$

Complete a qualitative analysis for this risk. Explain the results of the analysis.List and describe three potential risk responses for this risk.$$ Which would you choose and why?

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