Discuss the challenges and pitfalls of different status reports. Explain the difference between the status reports provided for teams, sponsor, and steering committee.Word Limit 850 words, illustrate each point with examples and use citation and references ( atleast 2 reference must use ). In the above question first need to explain; 1)Challenges and pitfalls of different status report (while using example and reference) 2)Difference between status report: lStatus report provided by team lStatus report provide by sponsor lStatus report provide by steering committee.( all 3 points need to be explain while using certain examples and reference and discuss about the difference between them) PART B Create a risk management report for the approved/given case study . In your report, include: 1)Risk identification and impact assessment · lIdentify and critically analyse the impact of possible risks for the case study. lRecord the risks identified in a Risk Register. lUse a risk probability and impact matrix to rate and prioritise the risks. 2).Risk management and reporting · l Develop appropriate response strategies to effectively manage identified risks in the case study.· lIdentify and describe how the stakeholders will be apprised of the project’s ongoing risk management activities. The written portion of your Risk Management Plan should consist of 1000 words. For reference, an example of a Probability and Impact Matrix is illustrated in the PMBOK Guide® And use reference and examples to illustrate more clearly.