Any pragmatic project manager understands that there is always a need to have measures of preventing risk in any project undertaken. The need for having preventative measures is prompted from the fact that issues are inevitable, and therefore the need for putting in place a mitigation strategy. The need to have this mitigation strategy is what can be connoted as project risk management. In full, the definition of project risk management infers to the identification, analysis, and consequent response to any form of risk arising over a project’s life cycle in the view of keeping it on track and consequently meeting its desired goal. In the view of showing how risk management and its consequent elements apply in a real life context, this paper reviews the case of JCU spring concert in details as will be shown below.
Literature Review
A risk in the context of risk management infers to anything which may have a potential impact on the budget, performance or timeliness of a project. Despite the risks being potentialities within the context of project management, should they turn to be realities then they become issues which must be addressed hence the need of identification, assessment, implementation, monitoring and auditing, as well as reviewing (Hughes, 2019). Even though the above elements of risk management are universal, risk management may insinuate a different thing altogether depending on the type of project. Some projects may have to involve extensive detailed planning when planning for the mitigation strategies of a risk while small projects may require simple plans.
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Identification – Policy
The process of identification is the first element involves noting the type of risk that the project has been exposed to within the environment it is operating. With identification, one sets the stage for pinpointing the probable aspects or factors that may impede or facilitate the project. The risks may vary from market risks, environmental risks, regulatory risks, legal risks, and many more. Thus, in the bid of mitigating the risk it is imperative to identify not only the risk, but also the number of existent risk factors while listing as many as possible. Depending on the risk environment whether manual or digital, the risks are noted manually or digitally respectively (Salama, 2021). In the case of the digital environment, a risk management solution may be utilized where the information is directly inserted to the system. On a manual environment, the risks are consequently dealt with manually by exploring the number of solutions that may be available and consequently dealt with manually. A number of methods may also be utilized in finding the likely project risks. This is also the first step when developing a project risk register. All these aspects have to be factored in for the identification process to qualify and be considered as a success.
Assessment – Planning
The process does not end at risk identification. Another major component is the assessment step. Once the risk has been identified there is the need to assess or analyse the same. This is done with the view of determining the scope of the risk. Assessing the risk, although costly and time consuming has a lot of benefits that become clearer in the longrun. The need for assessing the risk is also important in the heed of noting the connection between the determined risk and various factors in the organization or project for the purpose of this paper. In determining the seriousness and severity of the identified risk it is paramount to note the number of project milestones the risk impacts or affects (Boyle, 2019). There are risks that can actually bring a project to a standstill hence the need to access the severity of the same. In addition, the need to assess the risks is borne out of the need of noting the priority in mitigating the risks citing that there are those which may need just a minor regulation of the objectives stipulated in the project. In this regard, there is also a need to map the risks in various documents, procedures, policies, as well as processes within the project. This way it can be easier to have an already mapped risk framework which is essential in evaluating risks and thus getting to know the effects of the predetermined risks. On the overall, risk assessment is like a forecasting tool.
Implementation
The next stage is the implementation phase. The implementation phase or element in risk management involves putting an already identified strategic plan of managing identified risks and consequently exploiting opportunities into action. Simply put, it is the action phase of the whole plan. The process usually takes up a number of forms which is dependent on the available resources, the number of personnel involved within the project, history or prior efforts in solving the risk within a project, as well as the culture within the organization putting the project across (Schmitt, 2014). The implementation can also be conducted in a number of ways. An example is the case of a project involving a marketing campaign whereby a number of approaches can be involved in implementation for the risk management plan in the view of maintaining or developing a competitive advantage. Example of methods that can be available for the project exemplified above is using a new tool or technology, reorganizing or adjusting personnel management, creating barriers with respect to market entry amongst many other methods.
Monitoring and Audits
Monitoring and audits within risk management in a project infers to the documentation and examination of the risk responses effectiveness especially in dealing with the risks identified. This element goes further in noting an identifying the root ways of dealing with the root causes of the predetermined risks, as well as how effect is the process of risk management. Conducting the process of monitoring and auditing within risk management is essential in the development of a risk management plan (Boyle, 2019). The process further involves identification and assessment of all the risks so that a plan can be developed to deal with the occurrence of an undesirable event which could probably cause harm to the detriment of an organization or in harming people. The onset of this process ensures that a project stays within the limit of the project objectives.
Review
There is always a need to continuously monitor and control project risks which is imperative in ensuring that the strategies for risk response and the action plan for risk treatment are progressed and implemented effectively (Salama, 2021). The process of review in risk management is included within regular agendas of meetings in project management, and also utilized at most milestones and phases of the project. This phase is important citing that it offers continuous improvement, as well as improved change management.
Case Study
Being part of the entertainment committee of the James Cook University means that responsibility in drafting project management contents of any concert to be held is part of the duties to be delegated. With the committee agreeing to sponsor a concert over spring, there is a need to identify potential risks that may occur during the event. From the identified risks consequently a plan for mitigating them can be drawn. Below is a list and explanation for probable risks during the spring concert.
Potential Risks
Toilet Facilities
The event to be held at Wahoo stadium is likely to draw a huge crowd. In this regard, from the project scope under technical requirements, toilet facilities have been assigned for about 10,000 people. With the expectation of a large crowd, the toilet facilities may be probably overcrowded from the arrangement mentioned above. This may have consequent negative attributes such as overburdening the facilities which may lead to overflows, commotion at the facilities which may lead to larger disasters such as the likelihood of stampedes, and an overall unhygienic condition resulting.
Parking Facility
The other likely risk that may occur is with respect to the parking facilities. The current arrangement has been designed to cater for up to a maximum of 1,000 cars. Nevertheless, if the number of people or expected guests exceeds the parking facility limit there may be negative attributes. One of the likely impacts from the onset of this risk is that inconveniences may result as guests look for extra space to park their cars. Also, the guests may be frustrated by the management and the event will have failed to deliver on its part. In addition, the management may be faced with the challenge of looking for extra space at the last minute which may inconvenience other elements of the concert due to the distraction.
Sound System
The third risk that is most likely is with respect to the setting of the sound system and the stage. It is commonplace that the success of any concert is dependent on the sound system, and the erection of the stage. The audience or guests attend concerts to enjoy the performances and therefore these two factors are critical to the success of an event or concert. In this regard, should the sound system and stage not be properly set up the students and guests may not be able to enjoy the program. This may be acclimatized by the stage being small and the sound system failing to be strong enough to reach the audience. Also, the artiste may fail to be pleased by the two factors and may either get hurt or fail to deliver adequately.
Presence of Artist or Megastar
For some reason, the presence of the artist or megastar is a risk that should also be considered. This stems from the fact that there may lack adequate communication to confirm on their availability during the day of the concert. In addition, factors such as lack of agreeing on the performance fees, and the likelihood that the artist may fail to honour attendance of the concert are imminent. This may lead to a total failure of the event, and may also frustrate the guests which is against the stipulated expectations.
Occurrence of Unfavourable Circumstances
In many concerts, there is a likelihood that it may go out of hand. There is likelihood that there are some individuals who may break law. Also, since there is beer involved there are individuals who may drink beyond the expected limit and may therefore cause chaos, behave indecently, and there are those who may be involved in brawls. In this view, it is paramount to devise a strategy of mitigating these circumstances from happening.
Risk Tables
Risk Register
| No. | Risk | Probability | Con | Rating | Treatment | Residual Possibility | Residual Results | Residual Grades | Who | Duration of the arrangement (Days | $ | Status |
| 1 | Toilet facilities | High | Medium | Medium | Passes | High | Low | Low | Students and guests | 1 | 1000 | Pending |
| 2 | Parking facility | Medium | Low | Low | Passes | Medium | Low | Low | Students and guests | 1 | 1000 | Pending |
| 3 | Sound system | Medium | High | Medium | Proper testing | High | High | High | Students guest, and artiste | 1 | 20000 | Pending |
| 4 | Presence of artist or megastar | Low | High | High | Have other artistes on standby | High | High | High | Students and guests | 1 | 5000 | Pending |
| 5 | Occurrence of unfavourable circumstances | High | High | High | Barricades and high security presence | Medium | Medium | High | Students and guests | 1 | 1500 | Pending |
(Virine, 2017)
Risk Management Plan
Toilet Facilities
One of the observed risks in this project is relative to that of toilet facilities. As can be seen from the probability of the risk occurring gathered from the risk register it is at an all-time high likelihood of occurring. In this regard, there is a need to control this risk ahead of occurring. One of the options that can be done is limiting the number of individuals that will attend the event. Despite the fact that the facilities have been assigned for 10,000 people, there is likelihood that more than 10,000 people will show at the event. Additionally, it is not plausible to have 10,000 people at an event arising from the difficulties that would be accrued with respect to crowd control, and also in a bid of ensuring that there is no overflow of the toilet facilities. Thus, there is a need to limit the number of people that will attend the event. This means that there needs to be the sale of tickets to a certain number which will be predetermined to utilize the facilities plausibly in the bid of mitigating this risk. Out of this denominator, only the people will the ticket and a certain number which will be scrutinized at the gate will be allowed entry to the event.
Parking Facility
Relative to the risk for parking facility which will caters for only 1,000 vehicles the likelihood of the risk occurring is medium. Nevertheless, there is also a need to control the number of vehicles to be allowed at the event. Additionally, there is a need to note that also allowing entry to a 1,000 vehicles will also create a lot of traffic so there is a need to further minimize the number of vehicles that will be allowed to utilize the parking facility. In this regard, one of the solutions will be assigning large buses to ferry revellers at the event from a certain pick up location for free, and will also facilitate their transport back from the event. The individuals may only be allowed to the bus upon showing proof of paying for the event through a ticket. This will expediently reduce the number of people who would like to come with their vehicles. Nevertheless, the event may also allow a certain limited number of individuals to use the parking facility. However, in order to use the parking facility the individual must have to pay for a ticket which will allow their ability to use the parking facility. This move will also minimize the number of individuals who will want to come with their vehicles to the event.
Sound System
Having a sound system that does not work well at the event is detrimental. Despite the likelihood of this risk occurring being medium there is need to have a solution in case it occurs. One of the ways that this may be avoided is by critical testing of the sound system to be utilized. This is by consulting a qualified sound engineer who will test the system ahead of the event and make the necessary repairs. Also, the concert should also have a stand-by sound engineer who will stand in to correct any technical hitches that may be experienced. In setting up of the equipment, proper care should also be observed in order to ensure that everything is rightfully placed, and in the bid of avoiding any distractions. The concert planners should also concert the services of an expert who will also set-up the stage well enough in order for the crowd, and for the artist to have a good experience. Thus, any form of dubious or under-hand methods in setting-up both the stage and the sound system will be avoided at all costs.
Presence of Artist or Megastar
The risk of the artist or megastar looked up to perform failing to show-up or performing is low. Nevertheless, there is the probability that it may happen. As such, there is a need to avoid the likelihood of the risk occurring due to the need of keeping up to the promise of delivering an amazing concert. As such, the concert planners will fix appointment of two other artists who can also live up to performing like the megastar should they fail to appear. This will diminish the probability of upsetting the guests and students in the case the risk materializes. However, constant communication should also be ensured with the megastar in the bid of noting their stand if they will appear for the concert or not.
Occurrence of Unfavourable Circumstances
Many concerts or events feature a large number of people. Owing to the large number of people, and the fact that people are from varying cultural and societal contexts, plus the fact that alcohol is involved, there is a likelihood of unfavourable circumstances occurring. In this view, there is the need to be adequately prepared to tackle any situation should it arise. Borne out of this, there will be a limit to the number of drinks that an individual can drink should they be deemed too drunk. This will be ensured by measuring an individual’s measure of alcohol through the use of an alcohol blower. In addition, there will be presence of law enforcers who will be there to ensure law and order is maintained, they will also be responsible for taking in or restraining individuals who will be involved in behaviour deemed to be unlawful or mischief. Finally, there will also be the presence of emergency service providers ranging from physicians to fire fighters. Also at least three ambulances, and one fire truck should be ensured to be available should any emergency occur at the event either fire or an individual who needs urgent medical attention.
Conclusion
At the height of every project, an example being the case discussed above of JCU spring concert, there is an uncertainty given by the event. Borne out of the above, one may be unsure if a risky event is likely or not likely to occur. In the same sense, one may also be uncertain of the consequences should the risky event occur. Thus, the magnitude of the risk is predetermined by the components of consequence or the outcome from an event, and the probability should an event occur. Owing to this, there is the need to thrust in element of risk management as discussed in this paper, and as further exemplified in the case of JCU spring concert. This is imperative in the heed of both preventing the likelihood of the risks occurring and the consequent impacts, as well as ensuring that the project lies within its scope, cost, timeliness, and quality.
References
Boyle, T. (2019). Key elements of risk management. Health and Safety: Risk Management , 16-22. https://doi.org/10.4324/9780429436376-4
Hughes, K. (2019). Early warnings and risk registers. NEC4: 100 Questions and Answers , 88-98. https://doi.org/10.1201/9780429430855-2
Salama, M. (2021). Risk management and Agile project management. Event Project Management . https://doi.org/10.23912/9781911635734-4781
Schmitt, K. (2014). Risk management: A model for procedure use analysis. Risk Management in Life-Critical Systems , 211-232. https://doi.org/10.1002/9781118639351.ch10
Virine, L. (2017). Risk registers and risk prioritization. Project Risk Analysis Made Ridiculously Simple , 33-47. https://doi.org/10.1142/9789814759380_0003
