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Risk Assessment and ManagementPrepare a consulting report using the Unit IV Project Report template which provides the following information:Part I: List and discuss the five steps to risk assessment and management.Part II: Conduct a before and after qualitative risk assessment to determine the risk level, based on the following information:Spillage of product along the walkway of a conveyor belt in an area creates a significant slip and trip hazard, especially when it rains (as there are significant leaks in the product shed). This area is occupied on the average with three employees per shift, which must pass through this area at least twice a day. The most likely consequence could be a significant strain or sprain to the extremities including potential permanent lumbar injuries. One option to reduce or eliminate the risk is to barricade the area and provide a secondary path. The secondary path would require employees to travel to the upper level, across and back down to this level, thus creating an additional travel time of 10 minutes each way (twice per day). Explain your reasoning why you chose the severity and probability ratings.Part III: Using the same information in Part II, complete a before and after quantitative risk assessment using the Unit IV Project spreadsheet .Part IV: In order to eliminate the condition of spillage along the conveyor belt identified in Part II and III, a permanent solution would be to replace the current 24” belt with a 48” belt. In order to do this, all of the rollers, framing, belt and guards must be replaced at a cost of $235,000. (Note: Some of this cost can be recovered by the prevention of lost product, but this does not factor into the cost justification process at this time.) Once completed, this project will reduce the risk by 42%. Using the William Fine method, calculate the risk score and J-value and determine:whether the cost to correct a hazard is justified andhow quickly the hazard should be corrected.Your project should be a minimum three-page report using the above mentioned template. Ensure you show your equations and all work for determining answers for parts II through IV in the project document. You may either formulate the scenario equations using the Word equation formula toolbar or write out and solve your equations with answers on a separate paper. Then, take a screenshot of your work for each scenario using your phone or similar device and insert it as an image in the document. Make sure your image is clear and legible to read.No references are required for this assignment; however, if outside sources are used, please adhere to APA Style when creating citations and references for this assignment.