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.
