Reporting on the current status of risks and issues is typically done in conjunction with regularly scheduled project status reports. The level of detail included in the report depends on the requirements of the project stakeholders. At the executive level, stakeholders may only require updates on the most critical project risks and issues, while the project team members will require greater detail. In order to prepare a plan for risk performance reporting, Frank interviewed executive-level project stakeholders at Pepsi. The stakeholders indicated that they do not have a high appetite for risks to revenue on the Pepsi Refresh Program extension. They stated that they wanted to be kept abreast of potential risk triggers to allow adequate time to review and adjust risk response strategies as necessary. Frank refers to the "Risk Progress Checklist" document as he is preparing a risk performance reporting plan to address the stakeholder needs to closely manage risk performance.

1. Why is risk performance reporting important? Provide at least three reasons.

(2-3 paragraphs)

1. Describe at least three key components of the risk performance report for the Pepsi Refresh Program.

(2-3 paragraphs)