Risk Measurement Scenario - Case Study - Management Assignment Help

Assignment Task:

Task:

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.

a) Explain the value of a formal risk monitoring and controlling strategy in the context of the Pepsi Refresh Program extension. (2–3 paragraphs)
b) 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)

Scenario
Mary Dial is the project manager for the project of the expanded Pepsi Refresh Program that will integrate the program’s social media campaign with a traditional advertising and marketing media campaign. Along with Pepsi’s internal staff members, the project team consists of representatives from Pepsi’s external marketing agencies, including GOOD, HUGE, and TBWA\Chiat\Day. The team immediately met and identified the Pepsi bottlers and independent distributors as critical stakeholders.

The corporate chief risk officer assigned to the project engaged Frank Galdi, a consultant from Risk International, to take part on the team as the risk management professional (RMP). Mary and Frank created classifications for program risks, created scales for impacts and probabilities, and interviewed the Pepsi Refresh Program stakeholders to identify both internal and external risks. Once they identified the risks, Mary and Frank ranked them in accordance with impact and probability. They identified the high-priority risks and performed a quantitative risk analysis to determine each risk’s expected monetary value.

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