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Risk Management

Risk is the probability that actual outcome will differ from expected outcome. This activity is prone to many exposures that may jeopardize its success. The project management should put proper measures in place to control, reduce or eliminate these risks. This activity is very vital given its nobility and importance in the society and so these risks should be dealt with accordingly and expenditiously.the following are some of the risks that faces the projects.

Bad Weather

This activity will take place in an open place due to the nature of the events that will be involved to make it a success. For these activities to be successful the weather has to be very affair. The weather pattern and behaviors are very volatile and this call for the management to put proper measures in place to make sure that in case of weather problems the activities will not be rendered into jeopardy. They should look for standby tents so that in case of poor weather the activity will not come to stand still and they should also have a standby hall in case the weather deteriorates.

Insufficient Budget

Financial resources are very vital for the success of any undertaking or project. Funds have to be allocated for various activities to be successful. In this project there are activities that need funding such as leasing the venue and also purchasing refreshments to pacify the participants. The source of fund for this activity is the board members but their contribution won’t be enough and still no sponsor who has been brought on board. Funds availability ensures that everything is in place to avoid confusion and consequent delay of activities. Proper measures should be made to avail the needed funds for the activities incidental to success of the event.

Time Management

Time is a very vital resource for activities and events. When activities don’t take place as scheduled this will lead to gross disorganization and confusion. Proper schedule should be adhered to and strict adherence ensured.

Low Participation

This refers to a situation where few people than expected avail themselves for the occasion. The management should come up with initiatives to entice people to attend the events. They should invite popular musicians to popularize the events in order to attract their huge fan base. The success of this project is measured by the total amount collected and hence high turnover is instrumental to success of the event. The project managers should make sure that it does effective and proper communication so that they can make people more aware of the event and they turn up for the success of the activity.

Safety and Security

The safety of people should be of paramount importance owing to increased cases of terrorism and other insecurity cases. There should be security apparatus in place to ensure peace and safety of the participants. There should also be organization to prevent injuries from stampede and frenzied ecstasy.

Equipment

Equipment should be put in place to ensure that there are sufficient tools for the success of the activity. They should be used to facilitate the success of the activity.

Vendor Availability

Vendors are very important for the success of this event. It is them who will for instance supply refreshments and as a result the vendor should be trustworthy and reliable. Suppliers may not be reliable and this puts the activities at a risk of failure and delayed delivery of refreshments to be used to appeal to the participants of the event.

As the probability of the occurrences of the risks increase the effect becomes serious increasingly. When the probability is very high at level 3 4 and5 the effects are medium, high and catastrophic respectively. When the probability is low at 1and 2 the effects are limited as reflected in the table with effects being low and medium respectively.

Project Risk Assessment Hope Charity Event 2013

Inform Project Manager of Any Risks Associated With The Project. The Project Manager Will Add It To The List With The Contributors Name. Project Manager Will Upload Updated Copy to Group Wiki When Necessary.

Risk

 

Probability

 

Impact

 

Action to Prevent/Manage Risk

 

Contributor

 

Bad weather

high

Poor attendance

Acquire tents and lease standby hall

Environment

Insufficient funds

high

Hamper preparations

Find sponsors and donors

Activities that needs money

Time management

high

Occasion delays and confusion

Proper time planning and adhering to schedules

Non adherence to schedules

Low participation

high

Low amount collected and failure of the project

Invite popular musicians.

Proper advertising.

 

Most people have low incomes

Safety and security

low

Low participation in future

Sourcing for police and security guards.

 

Increased crime activities in the country

equipment

low

Poor preparations

Acquire them in advance.

Unavailability of equipments

Vendor availability

low

Delayed supplies

Making prior ordering of supplies.

Existent of unscrupulous suppliers

Code: Sample20

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