Risk Management Plan Project

Risk Management Plan Project

Risk Management Plan Project

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.

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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