Risk Identification

Scenario Two  A construction company has been awarded the contract to build a pipeline  in Alaska. The project timeline is of the highest priority because work  can only be completed during summer months due to adverse weather  conditions. One of the suppliers of a key component has longer lead time  than is required to complete the pipeline, but may be able to deliver  if the construction company will pay fees to expedite. There are other  suppliers, but these suppliers are not on the construction company’s  approved suppler list and it would take time to get them approved. There  is a huge penalty in the contract if the project is not completed on  time.  Risk event Probability of risk event (1＝high; 3＝medium; 5＝low) Impact of risk event (1＝high; 3＝medium; 5＝low)  Write a 1,050- to 1,750-word paper in which you select one scenario from  the University of Phoenix Material: Risk Identification Scenarios.   Define the risk management process.   Explain the role of risk management in the project planning process.   Describe at least two risks and their sources for the selected scenario.     Outline how risk management may mitigate the risks for each risk listed.    Explain how you would document the risk.