Risk response planning is a proactive approach to managing risk throughout the project life cycle. Risk response planning involves developing strategies for responding to risks should they materialize. Developing a risk response plan means that the project team is well prepared to address project risks quickly and effectively. For the Pepsi Refresh Program, the risk of co-branding was of concern to the brand team and they needed to feel comfortable that the co-branding would not affect the overall Pepsi image. Mary and Frank must consider this concern as they develop the risk response plan.

1. Explain why it is important to develop plans to compare planned risk to actual risk performance.

(2-3 paragraphs)

1. Explain how Mary and Frank can develop a risk response plan that is based on assessment of risk performance. Provide three different strategies.

(2-3 paragraphs)