Project ProgressThe PCNet Project (B) **Dynamically Managing Residual Risk**Assignment is based on the case studyThis case was written by Christoph H. Loch, Professor of Technology and Operations Management at INSEAD. It is based on real events, but the names of all companies and participants have been disguised. Any similarity with existing companies is accidental. The case is intended to be used as a basis for class discussion rather than to illustrate the effective or ineffective handling of an administrative situation.Note: The assignments depend on one another. During the project life cycle, project risk reviews and reports are required, as previously identified in the risk management plan. Two months after the project started, the following events have taken place:The top two threats have occurred.The top opportunity has been realized.The project’s risk budget is already exhausted.The risk management schedule has been shortened by two months.Write a 4–6 page paper in which you:Analyze the impact of the events on the project.Determine if any mitigation activities are required and explain why.Determine if budget or schedule changes are necessary and explain why.Update the risk register and highlight the changes made. Provide the justification for the changes.Use at least four quality resources in this assignment. Note: Wikipedia and similar websites do not qualify as quality resources.This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.The specific course learning outcome associated with this assignment is:Assess the impact of events on the project’s progress      in order to determine an appropriate risk response plan.

Session 1: Maintaining Accurate Employee Records—In this session, you identify, and elaborate upon, four reasons for maintaining accurate and objective employee records.Session 2: Ethical and Legal Termination—In this session, you examine the legal and ethical aspects of selecting and terminating an employee out of a group of people with similar performance, behaviors, and jobs as a part of a broad-ranging cost saving initiative. Employee differences:One has a disability.One is paid significantly more than others.One is 60 years of age and older than the others.One is planning on soon taking an extended family leaveSession 3: Succession Planning—In this session, you recommend a process to identify and groom an internal candidate to move into a senior-level leadership position in a health care organization such as CEO, COO, and CFO.Consider the scenario above and imagine that your audience is a group of department managers. Write an executive summary that introduces the topics in an introductory paragraph and then describes the content to be delivered in each of the three sessions in detail.Your work will be measured against the following criteria:Identify, and elaborate upon, four reasons for maintaining accurate and objective employee records.Analyze the legal implications or requirements of a termination decision. (Make sure to reference specific statutes or laws that govern this area of employment law.)Analyze the ethical facets of a termination decision. (Make sure to reference an ethical framework to support your assertions or positions.)Recommend and justify a process to identify and groom a candidate for a senior-level position.