W. Edwards Deming, a historical statistician well known for improving production methods at many mid-20th-century corporations, said the following: “If you can’t describe what you are doing as a process, you don’t know what you’re doing.” Many endeavors are composed of smaller component steps, each of which must be understood and enacted in order to achieve a satisfactory result. Risk management plans, too, depend upon defined processes and steps in order to function effectively.
For this Assignment, you will begin your Final Project using the following resources to develop the process you will use as you construct a risk management plan:
· The Pepsi Refresh Project: A Thirst for Change
· Pepsi Refresh Project Risk Management Scenario
· Risk Management Plan Template
Using the Pepsi Refresh case study as the context for this Assignment, and using the Risk Management Plan Template as your guide, write a 3- to 4-page paper in which you address the following:
· Describe the purpose of the project risk management plan.
· Explain how risk management will be approached for the Pepsi Refresh Project.
· Describe the steps in the project risk management process and specify the methods that will be used to identify, analyze, and control project risks.