A research should be on Pepsi Refresh Project Case Study.
Part 1 Final Project: Risk Management Plan
For this Assignment, you will consider the most effective usage of both qualitative and quantitative risk assessments methods as applied to the provided Pepsi Refresh Project case study.
Consider the parameters of the case study. Address the following items for qualitative risk assessment in the provided Risk Management Plan
Template:
• Explain how risk measurement scales will be developed. Will you use a standard organizational set of measurements or define your own?
• Explain how risks will be prioritized based on the defined qualitative measurement scales.
• Document risk measurement scales and their meanings in the project risk register in Columns H-J. For example,
o What does a "2" mean for probability? Is that 20% or 20-40%?
o What does a "4" mean for impact? Is that "project fails to meet one objective" or "project exceeds budget or timeline by 20%"?
Address the following items for quantitative risk assessment in the provided Risk Management Plan Template:
• Explain how risk measurement scales will be developed. Will you use a standard organizational set of measurements or define your own?
• Explain how risks will be prioritized based on the defined qualitative measurement scales.
• Document risk measurement scales and their meaning in the project risk register in Column K.
Remember that you do not conduct quantitative risk analysis on every risk - only the ones with the highest risk factor scores (P*I) that come out of qualitative risk analysis. Be sure to include your risk register with your Assignment.
(2 - 3 pages)
Part 2 Final Project: Risk Management Plan
The Project Management Institute (2017) describes ten strategies for responding to project risks. Five strategies are used for threats (negative risks), and five are used for opportunities (positive risks). Taking into account the Pepsi Refresh Project case study and the risks that you identified in previous weeks for this case study, develop detailed risk response plans for the risks identified.
Address the following items for responding to project risks in the provided Risk Management Plan Template:
• 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 on EMV?
• Describe the process you will use to determine risk triggers (the event that tells you that the risk event is imminent).
• 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 from the PMBOK (PMBOK® Guide).
The detailed description of the response should include at least one paragraph per risk and should include enough details so that anyone can read the response plan and clearly understand how you will respond to the risk. For example, consider the following risk: A hurricane may strike during the conversion weekend, forcing us to back out the data converted and delay going live by four weeks. For this risk, you may write the following:
Example
RIsk Score: 16
Risk Strategy: Mitigation (mitigate impact)
Risk Response Plan:
We will mitigate the impact of a hurricane hitting South Carolina during the data conversion by moving the data conversion inland and to high ground at Clemson University.
Clemson has agreed to rent their mainframe for 72 hours for a cost of $20,000, including labor. The red team will shut down our system at 5pm on Friday and back up all of our data onto tapes and provide the tapes and an inventory checklist of the tapes to the blue team, who will drive the backup tapes and another set of new, blank tapes to Clemson that night.
Contingency Plan:
If the scripts fail for any reason, the system will be restored to its original, non-converted state by using the image backups of the system.
(2 - 3 pages)
Part 3 Final Project: Risk Management Plan
The last element of the risk management plan is your plan to monitor and control risks for the Pepsi Refresh Project case study.
Address the following items for monitoring and controlling project risks in the provided Risk Management Plan Template:
• Describe the method(s) you will use to monitor if risks are being triggered.
• Describe the method(s) you will use to identify and plan responses to newly identified risks.
• Describe the method(s) you will use to review and update any contingency reserves.
• Describe the timing on all of the above. For example, some you may do daily, others weekly, others monthly. Perhaps these tasks will be done as part of your regular status meetings or at special meetings to discuss risk.
Be sure to remove all instructions that were included in the template before submission.
(2 - 3 pages)
Support your Assignment with specific references to all resources used in its preparation for all parts. Use correct APA formatting for all resources. Use some citations and references from the PMI texts The Walden Writing Center provides preformatted templates with APA-compliant pagination, margins, and spacing. See this week's Learning Resources.