You are a member of the University of Lusaka student body entertainment committe

Question

You are a member of the University of Lusaka student body entertainment committee. Your committee has agreed to sponsor a back to school concert. The motive behind this concert is to offer a safe alternative to beer bash Weekend. The beer bash Weekend is a summer event in which students from engage in heavy partying. Traditionally this occurs during the last weekend in November. Unfortunately, the partying has a long history of getting out of hand, sometimes leading to fatal accidents. After one such tragedy last summer, your committee wants to offer an alternative experience for those who are eager to celebrate the pending end of the school year. You have just finished a preliminary scope statement for the project (see below). PROJECT SCOPE STATEMENT PROJECT OBJECTIVE To organize and deliver an eight-hour concert at Woodlands Stadium at a cost not to exceed K500,000 on the last Saturday in November. DELIVERABLES • Local advertising. • Concert security. • Separate Beer Garden. • Eight hours of music and entertainment. • Food venues. • Souvenir concert T-shirts. • Secure all licenses and approvals. • Secure sponsors. MILESTONES 1. Secure all permissions and approvals by March 15. 2. Sign big-name artist by April 15. 3. Complete artist roster by October 1. 4. Secure vendor contracts by October 15. 5. Setup completed on November 27. 6. Concert on November 28. 7. Cleanup completed by November 31. a) Identify potential risks associated with this project. Try to come up with at least four different risks. [4 MARKS] b) Draw a risk register (log) and populate it with the four perceived risks. Analyse these risks and rank them.

Explanation / Answer

a)

Potential risks associated with a school concert project generally comprises of internal risks associated with successfully completing each stage of the project and risks that are beyond the control of the project team such as external risks adversely affecting the project. However significance of a risk depends on the nature of probable outcome and probabilities.

Furthermore project deferral risk may take place if the scope of successfully accomplishing the project is inadequate and restricted in nature thus it enumerates that if the project is not conducted now then there may be a risk later on that it can never be effectively and successfully performed.

Successfully examining and evaluating associated risks in a project in a way can facilitate to add value and help to administer the project effectively and efficiently. Thus one way to initiate reviewing each task on your project schedule can be to look out for the uncertain elements that can adversely affect the project.

For instance significance of using latest technologies or requirement of skilled and competent employees which indeed can facilitate to successfully accomplish the project whereas uncertainties do not pose any kind of serious constraints then they cannot be flagged off as potential risks. So presently if you lack skilled workers but they can easily be made available in the market then it cannot be regarded as a risk.

b)

Risk registers also known risk log is regarded as an important element in the overall framework of effectively administering the risk. Thus risk register are created at the early stages of project which is utilized as a tool that facilitates to track issues and resolve them effectively.

Furthermore a risk register is utilized to efficiently recognize, examine and administer risks to satisfactory levels through an evaluation and modernized process. Thus while performing qualitative analysis process information is added to the existing list of risks in the risk register such as priority and categorization of risks and trends noticed while performing the process. However risks that have effectively been administered and no longer relevant can be removed from the risk register.

While administering it’s very significant and crucial to remember that along with negative risks there can also positive risks which in fact can provide opportunities. Thus project administrator accordingly needs to frame effective policies and strategies to manage negative risks associated with threats and positive risks offering opportunities.

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