Risk Management Plan

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Risk Management Plan

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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,
  • What does a “2” mean for probability? Is that 20% or 20-40%?
  • 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.

References:

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 11.3, “Perform Qualitative Risk Analysis” (pp. 419–427)

Section 11.4, “Perform Quantitative Risk Analysis” (pp. 428–436)

Rubric

Element 1: Risk Measurement Scales

Provide a thorough and detailed explanation of how risk measurement scales will be developed for a case study project. Make sure all relevant resources are provided to support the response.

Element 2: Qualitative Risk Measurement

Provide a thorough and detailed analysis of risks for a case study project using qualitative methods documented in a risk register. Make sure all relevant resources are provided to support the response.

Element 3: Risk Prioritization

Provide a thorough and detailed explanation of how risks will be prioritized based on qualitative measurement scales for a case study project. Make sure all relevant resources are provided to support the response.

Element 4: Quantitative Risk Measurement

Provide a thorough and detailed analysis of risks for a case study project using Expected Monetary Value as the quantitative method documented in a risk register. Make sure all relevant resources are provided to support the response.

All work in APA format and no Plagarisim