Risk Management Plan

W. Edwards Deming, a historical statistician well known for improving production methods at many mid-20th-century corporations, said the following: “If you can’t describe what you are doing as a process, you don’t know what you’re doing.” Many endeavors are composed of smaller component steps, each of which must be understood and enacted in order to achieve a satisfactory result. Risk management plans, too, depend upon defined processes and steps in order to function effectively.

For this Assignment, you will begin your Final Project using the following resources to develop the process you will use as you construct a risk management plan:

• The Pepsi Refresh Project: A Thirst for Change
• Pepsi Refresh Project Risk Management Scenario
• Risk Management Plan Template

Using the Pepsi Refresh case study as the context for this Assignment, and using the Risk Management Plan Template as your guide, write a 2- to 4-page paper in which you address the following:

• Describe the purpose of the project risk management plan.
• Explain how risk management will be approached for the Pepsi Refresh Project.
• Describe the steps in the project risk management process and specify the methods that will be used to identify, analyze, and control project risks.

References:

Hampton, J. J. (2015). Fundamentals of enterprise risk management: How top companies assess

risk, manage exposure, and seize opportunity. New York NY: American Management Association

Capello, P. A. (2008). A real world "successful" risk management methodology. Paper presented

at PMI® Global Congress 2008—North America, Denver, CO. Newtown Square, PA: Project Management Institute.

Aven, T. (2015) The risk analysis process: planning, in Risk Analysis, John Wiley & Sons, Ltd,

Chichester, UK. doi: 10.1002/9781119057819.ch3

Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Sixth edition. Newtown Square, PA: Author.

Part 1: A Guide to the Project Management Body of Knowledge (PMBOK® Guide)

• Chapter 11, “Project Risk Management”
  • Section 11.1, “Plan Risk Management” (pp. 401–408)

This section of Chapter 11 explains the process for risk management planning and what components should be included in a project risk management plan. It also includes the specific inputs and tools and techniques that can be used to plan for project risks.

Rubric

Element 1: Project Risk Management Plan Purpose

Provide a thorough and detailed description of the purpose of a project risk management plan. Make sure that the relevant resources are provided to support the response.

Element 2: Project Risk Management Approach

Provide a thorough and detailed explanation of the risk management approach for a case study project. Make sure that the relevant resources are provided to support the response

Element 3: Project Risk Management Process

Provide a thorough and detailed description of the steps in the project risk management process that will be used to identify, analyze, and control risks for a case study project. Make sure that the relevant resources are provided to support the response