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Access the following to complete this Assessment:
Pepsi Refresh Project Case Study
Risk Management Scenario
Risk Management Template
To begin this Assessment, read the case study and scenario. Create a risk management plan based on the case study and scenario using the “Risk Management Plan Template” document provided.I wish you follow the instructions in the rubric, and the risk management plan template to follow the number of paragraphs needed. You can check the instruction comments that were sent to you before.
pm007_assessment_riskmanagementplantemplate.docx

pm007_assessment_riskmanagementscenario.docx

rubric.pdf

pepsi_refresh_project_case_study.pdf

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Project Risk Management
(Project Name)
Student Name
Walden University
Date
©2018 Walden University
i
Table of Contents
Project Risk Management Purpose……………………………………………………………………………………. 1
Project Risk Management Approach and Process ……………………………………………………………….. 1
Project Risk Identification ………………………………………………………………………………………………… 1
Project Risk Assessment (Qualitative) ……………………………………………………………………………….. 1
Project Risk Assessment (Quantitative) ……………………………………………………………………………… 2
Project Risk Response ……………………………………………………………………………………………………… 2
Risk Register …………………………………………………………………………………………………………………… 3
©2018 Walden University
ii
Project Risk Management Purpose
Project risk management planning involves deciding how risk management activities will be conducted
over the life of a project. The output of project risk management planning is the project risk
management plan. Risk management is an iterative process. The risk management plan should be
updated when any substantial changes to the project are made and/or when a risk event occurs.


Describe the purpose of a project risk management plan. (2–3 paragraphs)
Describe the components of a risk management plan. Your description should include at least
four components. (4–5 paragraphs)
Project Risk Management Approach and Process
The project risk management process is designed to provide proactive and continuous focus on the
uncertainty that exists in all projects. It is critically important to first identify and analyze potential risks
to a project using a well-defined and structured approach to ensure accuracy and completeness. It is
also important to avoid under- or over-estimating project risks. Under-estimated risks may jeopardize
project success. When risks are over-estimated, opportunities may be lost.


Describe at least four steps in the project risk management process that will be used to identify,
analyze, and respond to risks for the Pepsi Refresh project. (4–5 paragraphs)
Explain how risk management will be approached for the Pepsi Refresh project. (3–4
paragraphs)
Project Risk Identification
Once the approach and process for managing project risks have been determined, it is time to identify
potential project risks and document them in a risk register. It is helpful to think about possible sources
or categories of project risks as a way to organize the risk list. It may not be possible to identify every
risk that could occur during the project but risk management is an iterative process. Over the life of the
project you will review risks often, and you will update the risk register as needed.




Describe the process you will use to identify risks for the Pepsi Refresh project. (3–4 paragraphs)
Describe three types of risks you will identify for the Pepsi Refresh project, such as operational,
technical, regulatory, etc. (3–4 paragraphs)
Describe three sources of project risks you will identify for the Pepsi Refresh project, such as
weather, vendor, staffing, technology, etc. (3–4 paragraphs)
Document the project risks identified for the Pepsi Refresh project in the risk register in columns
A–F.
Project Risk Assessment (Qualitative)
Once project risks have been identified, the project team must analyze them to try to determine the
likelihood (probability) of occurrence and the effect to the project (impact) should a given risk event
occur. All risk analysis begins with qualitative analysis. To ensure accuracy and completeness, the project
team should study both the risk event itself and the interactions between risk events.


Explain how risk measurement scales will be developed for the Pepsi Refresh project. Will you
use a standard organizational set of measurements or define your own? (3–4 paragraphs)
Explain how risks will be prioritized for the Pepsi Refresh project based on the defined
qualitative measurement scales. (3–4 paragraphs)
©2018 Walden University
1

Document the risk measurement scales and their meaning in the project risk register in columns
H–J. For example:
• What does a “2” mean for probability? Is that 20% or 20–40%?
• What does a “4” mean for impact? Is that “project fails to meet one objective” or
“project exceeds budget or timeline by 20%”?
Project Risk Assessment (Quantitative)
Once project risks have been qualitatively assessed, the project team must review those with the
highest risk factor scores (probability x impact) and further analyze them using quantitative risk analysis
methods.
For this project, use expected monetary value (EMV) as your quantitative method.


Explain how risks will be prioritized for the Pepsi Refresh project based on the EMV method. (3–
4 paragraphs)
Document the EMV risk measurement information in the project risk register in column K.
Project Risk Response
Risk responses and action steps are defined during the risk response planning phase. Here the project
team must plan the actions that will be taken should any identified risk actually materialize. This is
typically done for some subset of the total population of risk issues identified—most likely those that are
of the highest probability and/or impact. Risks can be both negative (threats) and positive
(opportunities). The possible strategies for responding to negative risks include: avoid, transfer,
mitigate, and accept. The possible strategies for responding to positive risks include: exploit, enhance,
share, and accept.




Summarize the approach for developing risk response strategies. For example, which risks will
you first attempt to avoid? Will you do it based on the risk factor score (P*I) or EMV? (3–4
paragraphs)
Describe the process you will use to determine risk triggers (the event that tells you that the risk
event is imminent). (3–4 paragraphs)
Document the risk triggers in the project risk register in column G.
Document risk response strategies (plans) for each risk in the project risk register in columns L–
M. The risk response strategies should be derived from the eight strategies in the PMBOK®
Guide.
©2018 Walden University
2
Risk Register
Note: The first line is an example. Delete it when creating your own risk register.
A
B
C
D
E
F
G
Risk
No.
Risk
Name
Risk Event
Description
Risk Impact
Description
Risk
Type
Risk
Source
Risk
Trigger
Other
Weather
Chance
of rain of
≥30% is
forecast
ed 7
days
prior to
picnic.
X
Rain
Rain on the day of the Results in a less
picnic reduces the
festive event, reduced
number of attendees. employee morale, and
costs that can’t be
reimbursed.
H
Impact
Score
1 to 5
4
I
J
Prob. Risk
Score Factor
1 to 5
P*I
2
8
K
EMV*
L
Respons
e Type
$20,000 Mitigate
M
Response
Set up enough large
tents to house all
scheduled attendees.
In addition to outdoor
activities, plan indoor
events or activities in
tents. Encourage
everyone to come rain
or shine.
1
2
3
4
5
6
7
8
9
10
*EMV = probability of risk event * cost/impact if it does occur.
Example: If it rains and we do nothing, people will not show up and we will lose the $100,000 that is due to caterers, event planners, etc. With a
20% chance of it raining, the EMV can be calculated as follows: $100,000 * 20% = $20,000. If we can mitigate the impact for less than $20,000 by
implementing the response plan, it may be considered a good investment to do so.
©2018 Walden University
3
Risk Management Scenario
Scenario Background
Company:
• Pepsi
Pepsi’s Product Portfolio
• Fun for you
• Better for you
• Good for you
Pepsi’s Target Markets
• Millennial
• Generation X
• Baby Boomer
Internal Environment
• Board of Directors
o Risk management director at board level
• Multiple levels of corporate management
o Chief risk officer at corporate management level
• Multiple divisions
• Multiple management levels within divisions
o Executive risk manager at divisional level
• Wholly owned subsidiaries
• Multiple divisions within subsidiaries
• Multiple management levels within divisions
External Environment
• Bottling companies
• Distributers
• Point of sale locations
• Community relations
• Strategic alliances
• Competitors
Risk Environment
• Appetite
o High degree of risk acceptance for marketing programs
o High degree of risk acceptance related to return on investment timeline
o Moderate degree of risk acceptance for distinction between lines on product portfolio
o Low degree of risk acceptance regarding company reputation
• Tolerance
o High tolerance for risks related to relations with bottlers and distributers
o Moderate tolerance for community relations
©2018 Walden University
1

o Low tolerance for risks related to brand image
Threshold
o Defined by risk policies and procedures at the corporate and division levels
©2018 Walden University
2
Scenario
Pepsi has concluded that continuing the Pepsi Refresh Program will, in fact, be profitable in the mediumterm and is worth the investment outlined in the board’s subcommittee report. The board has directed
the company executives to execute a pilot that will roll out the redesigned program for a period of 1
year. After 1 year, the board will analyze the results and make a determination on continuing, tweaking,
or halting the program altogether.
The initial plan was to reduce focus on social media and focus more on traditional and sports marketing
vehicles; however, the board received an industry report that shows companies are realizing increased
revenue through increases in earned media value, and companies increase earned media value by
combining traditional marketing vehicles with social media. Pepsi will increase focus on this one area
during this 1-year pilot. The chief executive officer (CEO) assigned a program manager to implement the
redesigned Pepsi Refresh Program and a project manager to focus on the combination of traditional
marketing vehicles and social media.
The project manager assembled a project team with a project risk management professional (RMP) to
manage project risks. The RMP will develop a project risk management plan that will integrate with the
program risk management plan of the pilot program. The risk management plan will define procedures
to identify risks throughout the phases of the project. The plan will lay out the major categories of risks
associated with the project, how each category will affect the project’s stakeholders, and how
stakeholders will be engaged in the risk management process.
The risk management framework, detailed in the strategic plan, will serve as the foundation for the risk
management plan employing corporate and division policies and procedures to manage risks to the
project schedule, budget, and scope. The RMP will detail the risks to organizational assets and outline
the environmental factors that the program and project managers should consider as they plan,
execute, and monitor the project. Risk impacts and probability scales must show alignment with the
organization’s risk appetite and tolerance—and set thresholds used to manage monitoring and response
strategies. These strategies must allow for responses leveraging both external factors and relationships
and internal corporate and divisional resources.
©2018 Walden University
3
PM007: Project Risk Management: Prepare a project risk management plan using standard project management tools and techniques.
Assessment Rubric
0
Not Present
1
Needs Improvement
2
Meets Expectations
3
Exceeds Expectations
Student provides a
description with some
details of the purpose of a
project risk management
plan.
Student provides a
detailed description of the
purpose of a project risk
management plan.
Sub-Competency 1: Assess project risk management planning methods.
Learning Objective 1.1:
Describe the purpose
of a risk management
plan.
Student did not submit this
element of the
assignment.
Score:
Student provides a cursory
or incomplete description
with vague or missing
details of the purpose of a
project risk management
plan.
Few or no resources are
provided to support the
response.
Choose an item.
Instructor Feedback:
Feedback Statement
Learning Objective 1.2:
Describe the
components of a risk
management plan.
Score:
Choose an item.
Instructor Feedback:
Student did not submit this
element of the
assignment.
Student provides a cursory
or incomplete description
with vague or missing
details of four or fewer
components of a risk
management plan.
Few or no resources are
provided to support the
response.
Some details are missing
and/or are not fully
developed. Some
resources are provided to
support the response.
There are one or two
minor details missing.
Relevant resources are
provided to support the
response.
Student provides a
description with some
details of four components
of a risk management plan.
Student provides a
detailed description of
four or more components
of a risk management plan.
Some details are missing
and/or are not fully
developed. Some
resources are provided to
support the response.
There are one or two
minor details missing.
Relevant resources are
provided to support the
response.
Feedback Statement
©2018 Walden University
1
0
Not Present
1
Needs Improvement
2
Meets Expectations
3
Exceeds Expectations
Student provides a
description with some
details of four steps in the
project risk management
process that will be used
to identify, analyze, and
respond to risks for a case
study project.
Student provides a
detailed description of
four or fewer steps in the
project risk management
process that will be used
to identify, analyze, and
respond to risks for a case
study project.
Some details are missing
and/or are not fully
developed. Some
resources are provided to
support the response.
There are one or two
minor details missing.
Relevant resources are
provided to support the
response.
Student provides an
explanation with some
details of the risk
management approach for
a case study project.
Student provides a
detailed explanation of the
risk management
approach for a case study
project.
Some details are missing
and/or are not fully
developed. Some
resources are provided to
support the response.
There are one or two
minor details missing.
Relevant resources are
provided to support the
response.
Sub-Competency 2: Formulate an approach for conducting project risk management.
Learning Objective 2.1:
Describe the steps in a
project risk
management process.
Student did not submit this
element of the
assignment.
Score:
Choose an item.
Instructor Feedback:
Feedback Statement
Student provides a cursory
or incomplete description
with vague or missing
details of four or fewer
steps in the project risk
management process that
will be used to identify,
analyze, and respond to
risks for a case study
project.
Few or no resources are
provided to support the
response.
Learning Objective 2.2:
Explain how risk
management will be
approached for the
project.
Score:
Choose an item.
Instructor Feedback:
Feedback Statement
Student did not submit this
element of the
assignment.
Student provides a cursory
or incomplete explanation
with vague or missing
details of the risk
management approach for
a case study project.
Few or no resources are
provided to support the
response.
Sub-Competency 3: Apply risk management tools and techniques to identify project risks.
©2018 Walden University
2
Learning Objective
3.1: Describe the
method that will be
used to identify
project risks.
Score:
0
Not Present
Student did not submit this
element of the
assignment.
1
Needs Improvement
Student provides a cursory
or incomplete description
with vague or missing
details of the process that
will be used to identify risk
for a case study project.
Few or no resources
provided to support
response.
Choose an item.
Instructor Feedback:
Feedback Statement
Learning Objective 3.2:
Describe the types and
sources of project risk.
Student did not submit this
element of the
assignment.
Score:
Choose an item.
Instructor Feedback:
Few or no resources
provided to support
response.
Feedback Statement
Learning Objective 3.3:
Document identified
project risks in a risk
register.
Score:
©2018 Walden University
Student provides a cursory
or incomplete description
with vague or missing
details of three or fewer
types and three or fewer
sources of risks that will be
identified for a case study
project.
Student did not submit this
element of the
assignment.
Student provides a cursory
or incomplete
identification with vague
or missing details of risks
documented in a risk
register for a case study
project.
2
Meets Expectations
Student provides a
description with some
details of the process that
will be used to identify risk
for a case study project.
3
Exceeds Expectations
Student provides a
detailed description of the
process that will be used
to identify risk for a case
study project.
Some details are missing
and/or not fully
developed. Some
resources provided to
support response.
There are one or two
minor details missing.
Relevant resources
provided to support
response.
Student provides a
description with some
details of three types and
three sources of risks that
will be identified for a case
study project.
Student provides a
detailed description of
three or more types and
three or more sources of
risks that will be identified
for a case study project.
Some details are missing
and/or not fully
developed. Some
resources provided to
support response.
There are one or two
minor details missing.
Relevant resources
provided to support
response.
Student provides an
identification with some
details of risks
documented in a risk
register for a case study
project.
Student provides a
detailed identification of
risks documented in a risk
register for a case study
project.
Some details are missing
There are one or two
minor details missing.
3
0
Not Present
Choose an item.
Instructor Feedback:
1
Needs Improvement
Few or no resources
provided to support
response.
Feedback Statement
2
Meets Expectations
and/or not fully
developed. Some
resources provided to
support response.
3
Exceeds Expectations
Relevant resources
provided to support
response.
Student provides an
explanation with some
details of how risk
measurement scales will
be developed for a case
study project.
Student provides a
detailed explanation of
how risk measurement
scales will be developed
for a case study project.
Sub-Competency 4: Perform quantitative and qualitative risk analysis.
Learning Objective 4.1:
Explain how risk
measurement scales
will be developed using
qualitative methods.
Student did not submit this
element of the
assignment.
Score:
Choose an item.
Few or no resources are
provided to support the
response.
Instructor Feedback:
Feedback Statement
Learning Objective 4.2:
Explain how risks will
be prioritized based on
the defined
measurement scales.
Score:
Choose an item.
Instructor Feedback:
©2018 Walden University
Student provides a cursory
or incomplete explanation
with vague or missing
details of how risk
measurement scales will
be developed for a case
study project.
Student did not submit this
element of the
assignment.
Student provides a cursory
or incomplete explanation
with vague or missing
details of how risks will be
prioritized based on
qualitative measurement
scales for a case study
project.
Few or no resources are
provided to support the
Some details are missing
and/or are not fully
developed. Some
resources are provided to
support the r …
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