- Published: October 31, 2021
- Updated: October 31, 2021
- University / College: McMaster University
- Language: English
- Downloads: 26
Case 2 – XSU Spring Concert. Risk Identification Firstly, we can state that, as with most projects, there are several risks that occur when it comes to the execution of this spring concert. To make the risks more easily viewable, it is preferable to divide the risks into different sections and via that use the Risk Breakdown Structure, (RBS). (p. 214) There are four general categories that the risks are divided into: Technical, External, Organizational and Project Management. These risks are divided into more specific subcategories, which all of them can make or break the project.
First of all the XSU entertainment committee has to get permissions and approvals from the city and XSU to be able to go through with the concert. There will be requirements that needs following during the concert as well. Regarding the technical category, some main risks are that the electricity and the sound system will be functioning, the constructing of the stage will go as planned and that there will be enough space for restroom facilities for 10 000 visitors and parking lots for 1000 cars. The stage-building depends on capable work force with required skills.
There might be security issues by the stage or in the secluded beer-garden, which might arise if it gets too crowded and that would be disastrous as Hasta Weekend has a history of fatalities. When it comes to the external risk category there are some factors that the committee really can’t affect, for example the weather can make this outdoor concert a hit or a disaster. There are a lot of sub-contractors involved, as well as vendors and artist. This demands many contracts, which can turn out wrong, andcommunicationissues can emerge.
If the committee can’t sign a big artist to this eight-hour concert, there might be a huge loss ofmoney, as there won’t be enough visitors, and result in a bad reputation. That might also be a reaction to the event of not finding sufficient sponsors or suppliers. The risk of shortage of funds will impede the startup of the whole project, therefore the gathering of funds and signing of sponsors has high priority. The project team needs to organize and dispense necessary workforce to find vendors, artist, sponsors etcetera and by that minimize the risk.
The project has an upper-limit regarding the expenses, which is $ 50,000. Exceeding this limit is a risk per se and would definitely hurt the project. Furthermore, the risks of not being finished with certain milestones by the appointed deadlines can cause rescheduling and excess costs. To keep the deadlines good communication and coordination is essential in this project management. Mistakes in the planning can easily be solved by good communication and coordination throughout the whole organization. Consequently, the risk of bad communication, bad control and bad coordination can affect the project negatively.
To conclude, the main risks that we have identified and have highlighted in our analysis are city permissions, technical necessities, funding, coordination, communication and the weather. 3. Risk Response Development – to develop actions to reduce the risks’ damages by developing a strategy and emergency plan. Risk Response Development The risk response developments purpose is to reduce risks’ damage through the development of action strategies and an emergency plan. Different responses to the risks are identified and assessed.
This can take the form of a risk response matrix and a project communication plan. With the risks identified the committee can transfer the technical risk for example via outsourcing of the stage construction. Furthermore, the technical risks can be reduced by testing the materials before the concert. By adding more artists to a back up list, the risk of lack of artists will be eased and the impact of the risk decreased. The risk of shortage of funds can be mitigated by having better forward planning and more detailed contracts with the sponsors.
The sponsors might be keener on the project if they are given more freedom with the choice of spots at the concert and so forth. By being in time with the applying of approvals from the city the risk can be mitigated. Regarding the weather, it can’t be affected, but precautions can be taken by covering the stage, beer garden and some certain areas. To keep deadlines, the committee can use time buffers and to keep the budget, a management reserve can be set up.