Project Risk Management Management Essay Research Paper

PM008: Project Risk Measurement
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Write your responses where it reads “Enter your response here.” Write as much as needed to satisfy the requirements indicated. Each item contains the Rubric, which will be used to evaluate your responses.
Short Answer 1
Pepsi’s Board of Directors is considering halting the extension of the Pepsi Refresh Program because the program has not shown a direct link to increased revenue. While the company benefitted from the original program’s social media campaign, the goal of the extension—to establish a link between the program and revenue increases—has not materialized. The continuation of the Pepsi Refresh Program will be conditional on the program’s ability to drive revenue to products in each of the Pepsi product portfolios. This is seen as a significant risk for moving the program forward. Mary Dial, a project manager at Pepsi, and Frank Galdi, a risk management consultant, have been given responsibility for ensuring that the program’s risks are identified and managed effectively. They have determined that a formal process for monitoring and controlling program risks is needed.
* Explain the value of a formal risk monitoring and controlling strategy in the context of the Pepsi Refresh Program extension.
(2–3 paragraphs)
* Describe the process you feel that Mary and Frank should use to monitor and control the risks associated with the “HUGE” campaign to ensure the Pepsi website drives increased revenue.
(3–4 paragraphs)
Your Response
Formal risk monitoring and control strategy determine the process of identifying, analyzing, and planning to mitigate the newly discovered risks in a project (Hazır, 2015). With regards to the Pepsi Refresh Program, it has already been outlined that the program did not benefit Pepsi in boosting its sales. The fundamental cause for this outcome of the program is the indirect association of the program with the product (Tishkov et al., 2017). Therefore, the value of monitor and risk for the project is vital as it will optimize the risk response. Now that Pepsi is aiming to increase revenue by extending the program, so the value of formal risk monitoring and control is essential to identify and treat each risk at the beginning stage. As Pepsi is trying to change the fundamental of the project, a direct association of the product will be called by Pepsi. In response, Pepsi is obliged to monitor and control the misconception of product association.There are different steps involved in risk monitor and control strategy. According to Tishkov et al. (2017), risk managers are free to plan, track, monitor, and control potential risks. Specifically, concerning the present scenario, a five-step monitor and control strategy is suggested as a comprehensive.At first, Mary and Frank should design a risk management plan to draw details about the approach of risk management. The second step is to design a risk register with elements extracted from the risk management plan. A risk register is essential as it indicates an overview of identified risks, its consequences, and treatment st...