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Project Risk Management Management Essay Research Paper
Essay Instructions:
Overview-Hello, when you start this work please use templet uploaded on the dashboard, you will see 5 cases and each need to contain answers. I don't really know how many pages dose it so whatever you write i will pay for additional pages. When you will use templet be sure answer wit 2 or 3 range.
For this Short Answer Assessment, you will be presented with various scenarios related to a case study. Following each scenario will be several questions or prompts that require a written response.
Access the following to complete this Assessment:
• Pepsi Refresh Project Case Study
• Risk Measurement Scenario
Professional Skills: Written Communication and Critical Thinking and Problem Solving are assessed in this Competency.
This Assessment requires submission of one (1) document: a completed Short Answer Submission Form. Save this file as PM008_firstinitial_lastname (for example, PM008_J_Smith). When you are ready to upload your completed Assessment, use the Assessment tab on the top navigation menu.
Instructions
Before submitting your Assessment, carefully review the rubric. This is the same rubric the assessor will use to evaluate your submission and it provides detailed criteria describing how to achieve or master the Competency. Many students find that understanding the requirements of the Assessment and the rubric criteria help them direct their focus and use their time most productively.
To complete this Assessment:
• Download the Academic Writing Expectations Checklist to use as a guide when completing your Assessment. Responses that do not meet the expectations of scholarly writing will be returned without scoring.
• Download the PM008 Short Answer Submission Form, which includes the Rubric for this Assessment. Complete the form adhering to the criteria presented in the Rubric.
Essay Sample Content Preview:
PM008: Project Risk Measurement
Short Answer Submission Form
Your Name: First and last
Your E-Mail Address: Your email here
Instructions
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 strategy (Nai-Xia, 2018). The fourth step is to review the current processes and approve changes as required. Additionally, Mary and Frank must also induce indicators of work performance. The fifth step is to develop a performance report. This report must be centric toward the processes employed for identifying, analyzing, and treating the project risk.The reason for suggesting a five-step risk monitor and control strategy is to deliver a framework for risk-related activities. Besides, each step is suggested on the basis of risk identification, its trigger, and threshold, reporting, and tracking attributes.ReferencesHazır, Ö. (2015). A review of analytical models, approaches and decision support tools in project monitoring and control. International Journal of Project Management, 33(4), 808-815. https://doi.org/10.1016/j.ijproman.2014.09.005Nai-Xia, D. (2018). Study on food safety risk monitoring system based on internet of things. Journal of Food Safety and Quality, 9(18), 5014-5017. /cabdirect/search/?q=sn%3a%222095-0381%22 Tishkov, P. I., Khakimova, G. R., Diasamidze, M. A., & Minchenko, L. V. (2017, May). Organization and methodological basis for company's risk monitoring and control. In 2017 XX IEEE International Conference on Soft Computing and Measurements (SCM) (pp. 799-800). IEEE. https://doi.org/10.1109/SCM.2017.7970728
Rubric
0
Missing
1
Needs Improvement
2
Meets Expectations
3
Exceeds Expectations
Sub-Competency 1: Evaluate processes for monitoring and tracking project risks.
Learning Objective 1.1: Explain the value of formal risk monitoring and control.
Student did not submit this element of the assignment.
Student provides a cursory or incomplete explanation with vague or missing details of the value of a formal risk monitoring and controlling strategy for a case study organization.
Few or no resources are provided to support the response.
Student provides an explanation with some details of the value of a formal risk monitoring and controlling strategy for a case study organization.
Some details are missing and/or are not fully developed. Some resources are provided to support the response.
Student provides a detailed explanation of the value of a formal risk monitoring and controlling strategy for a case study organization.
There are one or two minor details missing. Relevant resources are provided to support the response.
Learning Objective 1.2:
Describe a process for monitoring and controlling project risk.
Student did not submit this element of the assignment.
Student provides a cursory or incomplete description with vague or missing details of a process that should be used to monitor and control the risks associated with a case study project.
Few or no resources are provided to support the response.
Student provides a description with some details of a process that should be used to monitor and control the risks associated with a case study project.
Some details are missing and/or are not fully developed. Some resources are provided to support the response.
Student provides a detailed description of a process that should be used to monitor and control the risks associated with a case study project.
There are one or two minor details missing. Relevant resources are provided to support the response.
Short Answer 2
Monitoring and controlling project risk is a critical component of the overall process for project risk management. Monitoring and controlling project risk is not a one-time activity but must be performed continuously throughout the project life cycle. One of the primary goals of monitoring and controlling project risk is to optimize risk responses. It also includes tracking any resulting secondary or residual risks. Besides, it is through this process that previously identified risks might be retired as no longer relevant, and entirely new risks may be identified. One of the responsibilities Mary and Frank have been given is to report to stakeholders exactly how project risks will be monitored and controlled.
1 Evaluate and recommend three tools that Mary and Frank can use to monitor and control risk. Provide a rationale for the tools you chose.
(3–4 paragraphs)
2 Explain how secondary and residual risks are derived from the risk monitoring and controlling process. (2–3 paragraphs)
Your Response
Risk monitor and control include response plans, risk tracking, and evaluation of the project’s efficacy. There are different tools employed to monitor and control the associated risks (Hao et al., 2017). For the present scenario, risk reassessment, variance and trend analysis, and meeting are three recommended tools for the Refresh Project.In detail, risk reassessment includes identification of new risks based on the fact that past risks retire. Furthermore, evaluation of the current risk and risk management process is also carried out during risk reassessment. Next is variance and trend analysis under which project managers review variance between the schedule, cost baseline, and the actual result. An increase in the variance leads to an increase in uncertainty. Lastly, it is recommended to promote meetings. It is essential as the engagement of the team facilitates the risk management process.The rationale for stated recommendations is, it ensures a real-time determination of associated risk. Moreover, the stated tools are useful in sustaining the schedule and regulating team engagement as well. Therefore, real-time determination, control, and integration are critical attributes of suggested tools for risk monitor. According to LIU et al. (2010), secondary risks occur directly from the risk implementation plan. Residual risks, on the other hand, is the amount of risk that may occur when an identified risk is treated (Tishkov et al., 2017). Depending on these definitions, both types of risks are integrated with broader risks. Thus, project risk managers need to outline the broader risks at first. Later on, each subsequent risk can be derived. Concerning the present scenario, the broader risk, such as missed deadlines, is outlined through the risk monitor and control strategy. Under this, the residual risks are increase cost to add more workforce for completing the task within deadlines. On the other hand, the secondary risk can be a poor quality of project deliverables due to timely completion. Both secondary and residual risks are addressed only when they occur. Hence, no response plan is designed for the stated kinds of risk.ReferencesHao, J., Jiang, J., Mao, T., & Sun, X. (2017). Research progress of metabonomics in food safety risk monitoring. Journal of Food Safety and Quality, 8(7), 2587-2595. /cabdirect/search/?q=sn%3a%222095-0381%22LIU, Q. J., CHEN, T., ZHANG, J. H., & WANG, T. (2010). Risk matrix-based risk monitoring model of food safety [J]. Food Science, 5, 86-90.Tishkov, P. I., Khakimova, G. R., Diasamidze, M. A., & Minchenko, L. V. (2017, May). Organization and methodological basis for company's risk monitoring and control. In 2017 XX IEEE International Conference on Soft Computing and Measurements (SCM) (pp. 799-800). IEEE. https://doi.org/10.1109/SCM.2017.7970728
Rubric
0
Missing
1
Needs Improvement
2
Meets Expectations
3
Exceeds Expectations
Sub-Competency 2: Assess qualitative and quantitative tools and techniques for monitoring and controlling project risks.
Learning Objective 2.1:
Recommend tools and techniques for monitoring and controlling project risk.
Student did not submit this element of the assignment.
Student provides a cursory or incomplete recommendation with vague or missing details of fewer than three tools and techniques for monitoring and controlling risk and/or did not provide a rationale for choosing those tools/techniques.
Few or no resources are provided to support the response.
Student provides a recommendation with some details of three tools and techniques for monitoring and controlling risk and a rationale for choosing those tools/techniques.
Some details are missing and/or are not fully developed. Some resources are provided to support the response.
Student provides a detailed recommendation of three or more tools and techniques for monitoring and controlling risk and a rationale for choosing those tools/techniques.
There are one or two minor details missing. Relevant resources are provided to support the response.
Learning Objective 2.2:
Explain how secondary and residual risks are derived from the risk monitoring and controlling process.
Student did not submit this element of the assignment.
Student provides a cursory or incomplete explanation with vague or missing details of how secondary and residual risks are derived from the risk monitoring and controlling process.
Few or no resources are provided to support the response.
Student provides an explanation with some details of how secondary and residual risks are derived from the risk monitoring and controlling process.
Some details are missing and/or are not fully developed. Some resources are provided to support the response.
Student provides a detailed explanation of how secondary and residual risks are derived from the risk monitoring and controlling process.
There are one or two minor details missing. Relevant resources are provided to support the response.
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.
1 Why is risk performance reporting important? Provide at least three reasons.
(2–3 paragraphs)
2 Describe at least three key components of the risk performance report for the Pepsi Refresh Program.
(2–3 paragraphs)
Your Response
Risk reporting acts as a vehicle for communicating the risk functions of an organization. According to Andersen and Johansen (2016), risk reporting ensures proactive risk management at the organizations. It includes identification and escalation of issues either as they arise. As determined by Etzioni (2018), the management teams rely on the risk response reports to outline the change. Correspondingly, risk reporting assists the organization in exercising effective risk management based on documented risk audit, strategic advice, and operational effectiveness. At first, risk performance reporting is essential as it documents the processes employed for monitoring and controlling potential risks. As the entire process is documented, every stakeholder can review it and monitor the effectiveness of the project’s risk management. The practice to trace the performance of each risk response is not possible without a detailed understanding of the actual risks. Secondly, the risk audit is also possible due to risk reporting and tracking. Thirdly, the board can design strategic advice based on the reviewed risk reporting. For instance, Pepsi might list the risk of corruption, so the board would make a strategic decision to call for consecutive meetings.The risk performance report is composed of different components. According to Etzioni (2018), risk performance reporting must be designed as per the requirement of the project stakeholder. In association t this, there are four core components of a risk performance report, including financial, operational, strategic, and reputational. For the Pepsi Refresh Project, the risk re...
Short Answer Submission Form
Your Name: First and last
Your E-Mail Address: Your email here
Instructions
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 strategy (Nai-Xia, 2018). The fourth step is to review the current processes and approve changes as required. Additionally, Mary and Frank must also induce indicators of work performance. The fifth step is to develop a performance report. This report must be centric toward the processes employed for identifying, analyzing, and treating the project risk.The reason for suggesting a five-step risk monitor and control strategy is to deliver a framework for risk-related activities. Besides, each step is suggested on the basis of risk identification, its trigger, and threshold, reporting, and tracking attributes.ReferencesHazır, Ö. (2015). A review of analytical models, approaches and decision support tools in project monitoring and control. International Journal of Project Management, 33(4), 808-815. https://doi.org/10.1016/j.ijproman.2014.09.005Nai-Xia, D. (2018). Study on food safety risk monitoring system based on internet of things. Journal of Food Safety and Quality, 9(18), 5014-5017. /cabdirect/search/?q=sn%3a%222095-0381%22 Tishkov, P. I., Khakimova, G. R., Diasamidze, M. A., & Minchenko, L. V. (2017, May). Organization and methodological basis for company's risk monitoring and control. In 2017 XX IEEE International Conference on Soft Computing and Measurements (SCM) (pp. 799-800). IEEE. https://doi.org/10.1109/SCM.2017.7970728
Rubric
0
Missing
1
Needs Improvement
2
Meets Expectations
3
Exceeds Expectations
Sub-Competency 1: Evaluate processes for monitoring and tracking project risks.
Learning Objective 1.1: Explain the value of formal risk monitoring and control.
Student did not submit this element of the assignment.
Student provides a cursory or incomplete explanation with vague or missing details of the value of a formal risk monitoring and controlling strategy for a case study organization.
Few or no resources are provided to support the response.
Student provides an explanation with some details of the value of a formal risk monitoring and controlling strategy for a case study organization.
Some details are missing and/or are not fully developed. Some resources are provided to support the response.
Student provides a detailed explanation of the value of a formal risk monitoring and controlling strategy for a case study organization.
There are one or two minor details missing. Relevant resources are provided to support the response.
Learning Objective 1.2:
Describe a process for monitoring and controlling project risk.
Student did not submit this element of the assignment.
Student provides a cursory or incomplete description with vague or missing details of a process that should be used to monitor and control the risks associated with a case study project.
Few or no resources are provided to support the response.
Student provides a description with some details of a process that should be used to monitor and control the risks associated with a case study project.
Some details are missing and/or are not fully developed. Some resources are provided to support the response.
Student provides a detailed description of a process that should be used to monitor and control the risks associated with a case study project.
There are one or two minor details missing. Relevant resources are provided to support the response.
Short Answer 2
Monitoring and controlling project risk is a critical component of the overall process for project risk management. Monitoring and controlling project risk is not a one-time activity but must be performed continuously throughout the project life cycle. One of the primary goals of monitoring and controlling project risk is to optimize risk responses. It also includes tracking any resulting secondary or residual risks. Besides, it is through this process that previously identified risks might be retired as no longer relevant, and entirely new risks may be identified. One of the responsibilities Mary and Frank have been given is to report to stakeholders exactly how project risks will be monitored and controlled.
1 Evaluate and recommend three tools that Mary and Frank can use to monitor and control risk. Provide a rationale for the tools you chose.
(3–4 paragraphs)
2 Explain how secondary and residual risks are derived from the risk monitoring and controlling process. (2–3 paragraphs)
Your Response
Risk monitor and control include response plans, risk tracking, and evaluation of the project’s efficacy. There are different tools employed to monitor and control the associated risks (Hao et al., 2017). For the present scenario, risk reassessment, variance and trend analysis, and meeting are three recommended tools for the Refresh Project.In detail, risk reassessment includes identification of new risks based on the fact that past risks retire. Furthermore, evaluation of the current risk and risk management process is also carried out during risk reassessment. Next is variance and trend analysis under which project managers review variance between the schedule, cost baseline, and the actual result. An increase in the variance leads to an increase in uncertainty. Lastly, it is recommended to promote meetings. It is essential as the engagement of the team facilitates the risk management process.The rationale for stated recommendations is, it ensures a real-time determination of associated risk. Moreover, the stated tools are useful in sustaining the schedule and regulating team engagement as well. Therefore, real-time determination, control, and integration are critical attributes of suggested tools for risk monitor. According to LIU et al. (2010), secondary risks occur directly from the risk implementation plan. Residual risks, on the other hand, is the amount of risk that may occur when an identified risk is treated (Tishkov et al., 2017). Depending on these definitions, both types of risks are integrated with broader risks. Thus, project risk managers need to outline the broader risks at first. Later on, each subsequent risk can be derived. Concerning the present scenario, the broader risk, such as missed deadlines, is outlined through the risk monitor and control strategy. Under this, the residual risks are increase cost to add more workforce for completing the task within deadlines. On the other hand, the secondary risk can be a poor quality of project deliverables due to timely completion. Both secondary and residual risks are addressed only when they occur. Hence, no response plan is designed for the stated kinds of risk.ReferencesHao, J., Jiang, J., Mao, T., & Sun, X. (2017). Research progress of metabonomics in food safety risk monitoring. Journal of Food Safety and Quality, 8(7), 2587-2595. /cabdirect/search/?q=sn%3a%222095-0381%22LIU, Q. J., CHEN, T., ZHANG, J. H., & WANG, T. (2010). Risk matrix-based risk monitoring model of food safety [J]. Food Science, 5, 86-90.Tishkov, P. I., Khakimova, G. R., Diasamidze, M. A., & Minchenko, L. V. (2017, May). Organization and methodological basis for company's risk monitoring and control. In 2017 XX IEEE International Conference on Soft Computing and Measurements (SCM) (pp. 799-800). IEEE. https://doi.org/10.1109/SCM.2017.7970728
Rubric
0
Missing
1
Needs Improvement
2
Meets Expectations
3
Exceeds Expectations
Sub-Competency 2: Assess qualitative and quantitative tools and techniques for monitoring and controlling project risks.
Learning Objective 2.1:
Recommend tools and techniques for monitoring and controlling project risk.
Student did not submit this element of the assignment.
Student provides a cursory or incomplete recommendation with vague or missing details of fewer than three tools and techniques for monitoring and controlling risk and/or did not provide a rationale for choosing those tools/techniques.
Few or no resources are provided to support the response.
Student provides a recommendation with some details of three tools and techniques for monitoring and controlling risk and a rationale for choosing those tools/techniques.
Some details are missing and/or are not fully developed. Some resources are provided to support the response.
Student provides a detailed recommendation of three or more tools and techniques for monitoring and controlling risk and a rationale for choosing those tools/techniques.
There are one or two minor details missing. Relevant resources are provided to support the response.
Learning Objective 2.2:
Explain how secondary and residual risks are derived from the risk monitoring and controlling process.
Student did not submit this element of the assignment.
Student provides a cursory or incomplete explanation with vague or missing details of how secondary and residual risks are derived from the risk monitoring and controlling process.
Few or no resources are provided to support the response.
Student provides an explanation with some details of how secondary and residual risks are derived from the risk monitoring and controlling process.
Some details are missing and/or are not fully developed. Some resources are provided to support the response.
Student provides a detailed explanation of how secondary and residual risks are derived from the risk monitoring and controlling process.
There are one or two minor details missing. Relevant resources are provided to support the response.
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.
1 Why is risk performance reporting important? Provide at least three reasons.
(2–3 paragraphs)
2 Describe at least three key components of the risk performance report for the Pepsi Refresh Program.
(2–3 paragraphs)
Your Response
Risk reporting acts as a vehicle for communicating the risk functions of an organization. According to Andersen and Johansen (2016), risk reporting ensures proactive risk management at the organizations. It includes identification and escalation of issues either as they arise. As determined by Etzioni (2018), the management teams rely on the risk response reports to outline the change. Correspondingly, risk reporting assists the organization in exercising effective risk management based on documented risk audit, strategic advice, and operational effectiveness. At first, risk performance reporting is essential as it documents the processes employed for monitoring and controlling potential risks. As the entire process is documented, every stakeholder can review it and monitor the effectiveness of the project’s risk management. The practice to trace the performance of each risk response is not possible without a detailed understanding of the actual risks. Secondly, the risk audit is also possible due to risk reporting and tracking. Thirdly, the board can design strategic advice based on the reviewed risk reporting. For instance, Pepsi might list the risk of corruption, so the board would make a strategic decision to call for consecutive meetings.The risk performance report is composed of different components. According to Etzioni (2018), risk performance reporting must be designed as per the requirement of the project stakeholder. In association t this, there are four core components of a risk performance report, including financial, operational, strategic, and reputational. For the Pepsi Refresh Project, the risk re...
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