4-5 PagesThe Woolong Company produces high-end vacuum cleaners and has hired you to oversee the development and release of their latest product. A preliminary project initiation meeting will result in the identification of the project sponsor, selection of a project manager, and creation of the project charter. A manager in the production department who knows you are taking a college project management course asks you to prepare a report to help them prepare for the meeting by answering the following questions:Who are the project stakeholders? How will they be involved in the project?Whom should the project sponsor be? Why?What skills and experience are likely needed by the project manager for each phase in the project life cycle, and how do these skills and experiences differ between the various phases?What kind of roles and responsibilities should the key stakeholders have? Discuss at least 4–5 different kinds of stakeholders.How should they communicate to different stakeholders during the project?What information should be shared with the project stakeholders?What is the mechanism that could be used for each type of information?What is the frequency with which information should be shared?What should be done if project communications are not proving to be effective?What technology could be used for project communications?At what point could communication about the project become an ethical or legal issue?What are the best ways to manage project risks as well as opportunities during project execution?How do they update and analyze old risks as well as new risks while undertaking the project?What business opportunity might project completion create?What is the potential financial impact of the project?What are the expected results of the project?What value will the project add?What is the potential impact to the company if the project is not finished well?Present your findings as a Word document of 4–5 pages (not including title and reference pages) formatted in APA style, using the attached template.