budget / schedule changes

Paper instructions:
Note: The assignments are a series of papers that are based on the same case, which is located in the Student Center of the course shell. The assignments are dependent upon 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 (2) 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 (2) months.

Write a five to seven (5-7) page paper in which you:

Question 1. Analyze the impact of those events on the project.
Question 2. Determine if any mitigation activities are required and explain why.
Question 3. Determine if budget / schedule changes are necessary and explain why.
Question 4. Update the risk register and highlight the changes made. Provide the justification for the changes.