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CompetencyClassify the components of project planning.ScenarioIn your role as a Project Manager for Kingston-Bryce Limited you havebeen assigned to create a risk mitigation plan. Risk mitigation is akey component of project planning because you are trying to look at allof the alternatives while planning everything for a project. The Boardof Directors for Kingston-Bryce Limited (KBL) is eager to move forwardwith the acquisition of their competitor. The acquisition of thecompetitor will enable KBL to expand operations and triple theirworkforce and will take 18 months to complete with a projected cost of$5 million. The project could be at risk because there have been rumorsthat another buyer has entered a bid to buy KBL’s competitor. In orderfor this acquisition to be successful, you will need to use your projectmanagement skills to ensure success and that the project stays onbudget and time.InstructionsYour task is to create a risk mitigation plan in Microsoft Wordto ensure that KBL has documentation to complete the acquisition.Detail the risks the project may be subjected to and what actions willbe taken to minimize the impact of these risks on your project. You willneed to create a list of risks that could potentially happen in theproject. Be creative!Think about examples such as cost, contractual, financial, political,or technical risks that might occur when launching a project. A keypoint to remember is that risks are broken down into the following broadcategories, which should be included in your plan:Risk avoidanceRisk sharingRisk reductionRisk transfer
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