Question 2 You are planning a product launch. About 300 guests have been invited
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Question 2 You are planning a product launch. About 300 guests have been invited to the event which will take place on 15 October 2009. The event starts with a series of short presentations (total time 2 hours) followed by a networking lunch. The event is to be held at a local hotel ballroom. (a) Identify five different risks for this project. For each risk, (i) state the name of the risk event, (ii) provide a brief description of this risk and (i) state its likely causes. [10 marks (b) Analyse all the risks using the Risk Assessment Matrix. Provide a brief explanation of your analysis. [8 marks] (c) Outline how you would deal with each of these risks using a Risk Response Matrix. Provide a brief explanation of your risk response decisions. [7 marks] Total 25 marks]Explanation / Answer
The risks associated with the event which includes presentation followed by networking lunch is failure of any technological equipments. There might be risks associated with the technological devices used for presentation not working at the event.
Another risk associated with the event might be linked to issues related to mismanagement and the audience not being able to find ample sitting area. The mismanagement can be related to the event not starting on time and chaos around seating arrangement.
It is important to pay attention to the scale of the event and the size of the team. The management needs to be effective to take care of this kind of activity. Also it is important to understand roles and responsibilities and make sure the team leader reports to the core team.
It is important to sort the budget and be clear about the generation of the income. The understanding of different variables and identifying the breakeven point will be useful.
Safety and insurance are important part of risk assessment. It is necessary to take the public liability cover for protecting against any claims of any injury that happen to the public or damage to the property. Event insurance policy is necessary in this case.
There are some technical and operational risks like maintenance problems. The regulatory risks include regulatory controls and licensing requirements. The strategic and commercial risks involve insolvency, theft. Risk insurance will help to take care of environmental risks. Reduce action will be useful to reduce the risk likelihood.
It will be effective to focus on handling personality clashes, poor leadership, and poor staff selection. Contingency plan will help to deal with the problem
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