Project Management: Identifying and Mitigating Risks for XSU Spring Concert at Wahoo Stadium

This article discusses the major risks associated with organizing and executing the XSU spring concert at Wahoo stadium. It identifies five major risk categories, including variation in milestones, budget restrictions, delivery of resources, stakeholder satisfaction, and project setbacks. The article also provides a risk assessment form and a risk response matrix to help mitigate these risks.

Running head: PROJECT MANAGEMENT
PROJECT Management
Name of the Student
Name of the University
Author Note

1PROJECT MANAGEMENT
Table of Contents
Major risk of the project:............................................................................................................2
Variation in Milestones..........................................................................................................2
Budget Restrictions................................................................................................................2
Delivery of resources.............................................................................................................2
Stakeholders Satisfaction.......................................................................................................3
Setbacks: unexpected events..................................................................................................3
Risk assessment form:................................................................................................................3
Risk response matrix:.................................................................................................................6
References:.................................................................................................................................8

2PROJECT MANAGEMENT
Major risk of the project:
The objective of the project is to organize and execute the concert at Wahoo stadium.
However there are certain constrains applied to the project. Hence in order to effectively lead
the project it is important to find out the risks associated with the project. These risks might
be associated with the constraints related to the project.
These risks are identified in the following sections in details. The risk identified in the
following section has been divided into five major risk category including variation in
Milestones, Budget Restrictions, and delivery of resources, stakeholder satisfaction and
project setbacks. Each risk category has been further classified divided into different risk
events associated with the project of designing the XSU spring concert and execute it
successfully at the Wahoo stadium.
Variation in Milestones
 Permission and approvals for the concert not obtained before the due date as approved
 Singers not signed before the event as per the schedule
 Vendors contracts not secured before the assigned date
Budget Restrictions
 Variation in price of vendor contract and project is not executed as per the approved
budget
 Project ran out of budget due to insufficient project sponsor
Delivery of resources
 Vendor denies to deliver contract on the agreed date
 Signers not present on the concert day

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 Vendors contracted for the waste management did not provided resources after the
concert finished
Stakeholders Satisfaction
 Students were not satisfied with the arrangement
 University authority was not satisfied as project ran out of budget and arrangements
were not proper
Setbacks: unexpected events
 Injury to students
 Students feeling ill after consuming food and beverage
 Students involved in fighting due to drinking and not being in control
 Vendors contracted for the waste management did not provided resources after the
concert finished
Risk assessment form:
Risk event Likelihood Impact
Detection
difficulty
When
Insufficient funding
4 4 3
Before the
project
execution
Delay in contract 3 4 4
During the
project
execution
Variation in price 4 5 4 During the

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contract sign
No of Vendor not
sufficient
4 4 3
During the
contract sign
Permission and approvals
for the concert not
obtained before the due
date as approved
3 4 3
During the
concert
planning
Vendor denies to deliver
contract on the agreed
date
3 4 4
During the
contract
delivery
Signers not present on the
concert day
4 4 5
Concert
arrangement
Singers not signed before
the event as per the
schedule
4 3 4
During the
concert
planning
Vendors contracts not
secured before the
assigned date
4 3 4
during the
concert
planning
Students were not
satisfied with the
arrangement
3 4 4
Project
evaluation
University authority was
not satisfied as project ran
4 3 4 Project
evaluation

5PROJECT MANAGEMENT
out of budget and
arrangements were not
proper
Injury to students 4 3 4
During the
concert
execution
Students feeling ill after
consuming food and
beverage
3 4 4
During the
concert
execution
Students involved in
fighting due to drinking
and not being in control
4 3 4
During the
concert
execution
Vendors contracted for
the waste management
did not provided
resources after the
concert finished
4 3 3
After the
concert
finishes

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Risk response matrix:
Risk Event Response Contingency Plan Trigger Who is
Responsi
bleVariation in
Milestones
Mitigate: Review all the task
pending and reschedule them
according to the maximum
variation possible for critical
tasks and communicate the
revised plan across the teams.
Keep the timeframe flexible
so that milestones for tasks
that are critical to project
success is possible to extend if
needed and it does not affect
the tasks with low risk and
low probability
A significant
time have been
spent yet most of
the important
and critical tasks
have not been
completed
Sam
billing
(Team
leader)
Project ran out
of budget
Mitigate: identify tasks where
budget reduction is possible
and adjust the budget with
tasks where cost and quality
both are essential and cost
reduction is not possible
Keep the budget little flexible
so that little variation is not an
issue and arrange for
sufficient sponsors for
financial support in case
budget overflow occurs
Percentage of
budget spent is
more than the
percentage of
task completed
as per the project
plan.
Peter
jones
(Project
manager)

7PROJECT MANAGEMENT
resources not
delivered on
time
Mitigate: Plan for the
alternate resources and make
the resources available so that
project is not delayed
Keep alternative contractors
available and ask for delivery
when needed
Contractor ask
for time
extension to
deliver the
resources
Peter
jones
(Project
manager)
New
stakeholder
requirement
added to the
project
Mitigate: identify if
accommodation of new
requirement is possible.
However any issue regarding
that like variation in
timeframe, budget should be
communicated to the
stakeholders and the
stakeholders should agree on
that
Create an alternative plan
before project initiation, so
that it can accommodate
adjustment as per the new
requirement and there is no
issue for that regarding
timeframe, budget.
Stakeholders is
not satisfied with
the project
progress report
and want
changes
Peter
jones
(Project
manager)

8PROJECT MANAGEMENT

9PROJECT MANAGEMENT
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