Question 2 You are planning a product launch. About 300 guests have been invited

Question

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) dentify five different risks for this project. For each risk, () state the name of the risk event, (l) provide a brief description of this risk and (il) state its likely causes. [10 marks] Analyse all the risks using the Risk Assessment Matrix. Provide a brief explanation of your analysis. (b) 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

Answer - (a)

Risk associated with this project:

Likely causes: Either the hall is already booked or some other party will be running in another ballroom of the hotel or near area having loads of sounds and noices that may disturb the formal party occassion.

2. Risk of Financial challenges:

Likely causes: Sometimes the crowd is more than expected and in that case cost of accomodation, food and even the rooms needs to be extended which must be planned beforehand.

3. On the Job Risk - Traffic Management:

Likely causes: Crowd crunch, parking problem, Time of the meeting may need to be extended which may leads to pay more, uncomfort for those who already have another meetings fixed after this one.

4. Food vendors:

Likely causes : Last minute change in food vendors, last minute information of some electrical requirement, food not up to the mark, quality and hygiene factors.

5. Risk of Injury:

Likely causes : Fire, crowd control etc.

Answer (b)

Risk Analysis matrix

Firms taking on more work than they really tackle are prone to risk management. By using the above matrix you can anticipate risk and other common risk and check the impact they will be having on your project.

By following this way, we can stay within your schdule and budget and untimately protect your project.

Answer - (c)

Key components to a formalized event risk management framework includes:

An effective event risk management process can yield significant benefits:

Risk control strategies

Thank you.

Acceptable Tolerable Undesiable Intolerable Risk of Reputation Low Medium Medium High Risk of Financial Challenges Low Medium High Extreme Traffic management Medium High High Extreme Food vendors Low Medium High Extreme Risk of Injury Low Medium Medium High

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