4. You are part of a student team that has volunteered to host an alumni event a
ID: 411174 • Letter: 4
Question
4. You are part of a student team that has volunteered to host an alumni event at a recently reopened museum in the downtown part of your city for the twin purposes of establishing contacts with long-last alumni and raising awareness of the newly reopened museum. Brainstorm the potential risks for this, quantify them both according to probability and impact, assign responsibility for each major risk, and create one or more contingency plans for each major risk.
Explain question 4
This is a Project Management course
Explanation / Answer
The following risk register shows all the required information regarding the risks associated with the project. One additional column will be there for the responsibility assigned. We haven't considered that as no information regarding the team members was given in the question.
RISK REGISTER
Risk Id.
Risk Description
Mitigation Plan (what to do to avoid the risk occurring)
Contingency Plan (what to do if the risk occurs)
Impact
Likelihood
1
The actual expense surpasses the budget approved
The baseline budget has to be planned after a lot of research including the previous expenses under the same account
External fund to be arranged from some of the corporate partners of local community
Additional fund must be collected from
Overbudget expense may significantly hamper the objective of the summit by cutting important aspect of the plan. So, the impact is
HIGH
MEDIUM
2
Delivery failure from various vendors for items required for the summit (including food and stationary)
Contractual agreement with the vendors in terms of formal purchase orders to be made.
Keep provision of additional budget for cash purchase of items at exigencies.
Few items can be purchased in advance which can be used during the contingency.
The participants could be dissatisfied and carry doubt regarding the management capability of the present students. So, the impact is
HIGH
HIGH
3
Issues regarding climate (e.g. heavy rain)
Additional materials such as umbrella/ raincoats/ covering materials need to be arranged
Smooth operations to be ensured on that particular day using the materials available and covering of all important areas are to be done with the existing manpower.
Has a potential to massacre the entire effort. So,
HIGH
LOW
4
The program is not approved by the local regulatory body and even by the college administration
Approval for specific requirements to be made beforehand in writing or through e-mail.
Close monitoring of the conditions on that particular day and for any issue if arises, talk to the relevant body
LOW
LOW
5
The attendance is more than expected
Careful planning has to be done and invitation counts are to be made perfect before placing orders
-
LOW
LOW
Risk Id.
Risk Description
Mitigation Plan (what to do to avoid the risk occurring)
Contingency Plan (what to do if the risk occurs)
Impact
Likelihood
1
The actual expense surpasses the budget approved
The baseline budget has to be planned after a lot of research including the previous expenses under the same account
External fund to be arranged from some of the corporate partners of local community
Additional fund must be collected from
- The student representatives
- The teachers
Overbudget expense may significantly hamper the objective of the summit by cutting important aspect of the plan. So, the impact is
HIGH
MEDIUM
2
Delivery failure from various vendors for items required for the summit (including food and stationary)
Contractual agreement with the vendors in terms of formal purchase orders to be made.
Keep provision of additional budget for cash purchase of items at exigencies.
Few items can be purchased in advance which can be used during the contingency.
The participants could be dissatisfied and carry doubt regarding the management capability of the present students. So, the impact is
HIGH
HIGH
3
Issues regarding climate (e.g. heavy rain)
Additional materials such as umbrella/ raincoats/ covering materials need to be arranged
Smooth operations to be ensured on that particular day using the materials available and covering of all important areas are to be done with the existing manpower.
Has a potential to massacre the entire effort. So,
HIGH
LOW
4
The program is not approved by the local regulatory body and even by the college administration
Approval for specific requirements to be made beforehand in writing or through e-mail.
Close monitoring of the conditions on that particular day and for any issue if arises, talk to the relevant body
LOW
LOW
5
The attendance is more than expected
Careful planning has to be done and invitation counts are to be made perfect before placing orders
-
LOW
LOW
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