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 extensionto establish a link between the program and revenue increaseshas 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.

1. Explain the value of a formal risk monitoring and controlling strategy in the context of the Pepsi Refresh Program extension.

(2-3 paragraphs)

1. 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)