Risk Management Questions    Using the criteria set forth in ISO 14971, complete the risk management evaluation for the following project. List at least 3 Harms in each category. Use the form attached to the test.   Johnson and Johnson is considering the development and marketing of a new wound care dressing (Zenorox). Zenerox is intended be used to stop bleeding and protect deep wounds up to 2 cm deep and 5 cm long. It incorporates a new clotting agent to help normal blood clotting action. Construction is a combination of synthetic polymers bound to a natural cotton fiber which carries the clotting agent. It also contains an antibiotic and wound healing acceleration agents. The product is supplied sterile for use by trained adults in an emergency situation. It can be used for up to 48 hours without changing Complete the Risk Management assessment per the attached template.   Use the risk table below     Risk table Max acceptable risk score =15   Max acceptable risk score…

 Justify as to how the management of the positive risk will influence theachievement of project objectivesc) Explain why it is important for a risk management process to cover both threat andopportunity. Make sure that you justify your reasons.Question twelveA firm has developed a new product X. They can either test the market or abandon the project. The details are set out below;Testing the market cost 50,000FCFA, while the likely outcomes are favourable with a probability of 0.7 or unfavourable (failure) with a probability of 0.3. If favourable they could either abandon or produce it. The demand, probability and loss/profit for the product when produced are anticipated and presented in the table below;DemandProbabilityProfit/lossLow 0.25- 100,000Medium 0.6150,000High0.15450,000If the test market indicates failure, the project would be abandoned. Abandonment at any stage results in a gain of 30,000FCFA for the special machinery used. a) Draw the decision tree showing the nodes and…