Short Answer3
Reporting on the current status of risks and issues is typically done in conjunction with regularly scheduled project status reports. The level of detail included in the report depends on the requirements of the project stakeholders. At the executive level, stakeholders may only require updates on the most critical project risks and issues, while the project team members will require greater detail. In order to prepare a plan for risk performance reporting, Frank interviewed executive-level project stakeholders at Pepsi. The stakeholders indicated that they do not have a high appetite for risks to revenue on the Pepsi Refresh Program extension. They stated that they wanted to be kept abreast of potential risk triggers to allow adequate time to review and adjust risk response strategies as necessary. Frank refers to the “Risk Progress Checklist” document as he is preparing a risk performance reporting plan to address the stakeholder needs to closely manage risk performance.
Why is risk performance reporting important? Provide at least three reasons.
(2–3 paragraphs)
Describe at least three key components of the risk performance report for the Pepsi Refresh Program.
(2–3 paragraphs
Short Answer 4
Risk response planning is a proactive approach to managing risk throughout the project life cycle. Risk response planning involves developing strategies for responding to risks should they materialize. Developing a risk response plan means that the project team is well prepared to address project risks quickly and effectively. For the Pepsi Refresh Program, the risk of co-branding was of concern to the brand team and they needed to feel comfortable that the co-branding would not affect the overall Pepsi image. Mary and Frank must consider this concern as they develop the risk response plan.
Explain why it is important to develop plans to compare planned risk to actual risk performance.
(2–3 paragraphs)
Explain how Mary and Frank can develop a risk response plan that is based on assessment of risk performance. Provide three different strategies.
(2–3 paragraphs)
