The Project Risk Management Plan

Running head: PROJECT RISK MANAGEMENT PLAN: GEO EVENTS
COMMUNICATION PLAN DOCUMENT
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PROJECT RISK MANAGEMENT PLAN: GEO EVENTS COMMUNICATION PLAN
DOCUMENT
[Author]
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Table of content
INTRODUCTION...........................................................................................................................3
Project Overview.........................................................................................................................4
Risk Management Plan................................................................................................................4
Risk Response Plan......................................................................................................................9
Risk Identification and Assessment...........................................................................................12
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................17

INTRODUCTION
Risk management refers to the process of searching potential risks, assessing and
controlling them for avoiding any problem. The purpose of risk management is to assure
uncertainty does not prevent the attempt from the business objectives. There are two types of
events: negative and positive. Adverse events are considered as risks whereas positive events are
called as opportunities. Effective strategies result to manage the threats includes avoiding,
reducing, transferring and retaining them. Proper risk management plan helps in maintaining and
handling the threats appropriately for preventing delay or any loss to the project or processes
(Pritchard &PMP, 2014). For the current study, GEO Events Communication plan is taken into
consideration. With respect to this, the file includes project overview, risk management plan, risk
response plan and risk identification and assessment.
Project Overview
The project is based on the Project Clay Oven Publicity Event. In this, Clay Oven is the
sponsor of the project. Clay Oven is one of the successful restaurants in Canada which was
opened in 2013. The cited food restaurant wants to expand its business by opening it in
Winnipeg, an IT hub of Canada. With the help of effective marketing strategy, the firm can
enhance its brand image among the customers of Winnipeg (Mudambi & et.al., 2017). While
developing any project, it is also necessary to conduct risk management and response plan for
identifying the possible threats for avoiding any delay or loss to the company. The current
project is based on risk management plan of the Clay Oven project for determining the potential
risks and their solutions. While opening a new venture, it is necessary to take care of certain
things for avoiding the threat. While conducting marketing events, the firm can face the risk of
showing fake information for grabbing the attention of the people. Along with this, the risk of
food safety, cleanliness, fire safety and many more. For handling such problems and making the
project a successful event, it is necessary to have adequate risk management plan (Kerzner
&Kerzner, 2017).
Risk Management Plan
Rationale: Clay Oven is conducting publicity event for informing people about its fourth new
restaurant in Winnipeg. There are some risks or problems which company can face while

implementing the program for accomplishing the objectives. Any issue can result to affect the
brand image of the restaurant and make customers switch. In context to this, risk management
plan will help the organization in handling the issues efficiently and implementing the right
solutions. The critical project will inform the company about the present hazards and support it
in selecting the most appropriate solution. Risk management plan will help firmly in identifying
the possible threats like the risk of fire, cleanliness, food quality, services, etc. which can affect
the results of the program. The plan will help in resolving the issues on time for avoiding any
loss or failure. Along with this, risk management plan will help aware team members of the
project to monitor each process time to time for preventing any problem at the time of execution
or implementation (Wilhite, Sivakumar &Pulwarty, 2014).
Risk Process: The risk management plan for Clay Oven includes identifying, monitoring,
assessing and managing the potential threats for reducing any negative impact to the brand
image, popularity and value of the restaurant in the market among the customers. Identification
of risks as early as possible in the project results to reduce their impact. In context to this, the
risk processes for the current plan consists of risk identification, assessment, mitigation,
contingency planning and tracking and reporting. Risk manager will monitor and handle the
entire operations of this project. Along with this, project team members will be assigned specific
areas for reporting risk regarding information to the project manager (Dixon, 2017).
Risk Responsibilities: The duty of managing risk is shared among all the stakeholders of the
current project. The responsibility of Risk manager and the team is as follows:
Project Manager: The duties of the project manager will be:
 To get a status report from the Risk Manager concerning the project
 Assigning work of monitoring and controlling risks to the Risk Manager
 Review the exposure assessments for any new risk items
 Redefining the top ten risk list of the project (Hartmann &Spit, 2016)
Risk Manager: The duty of the risk manager will be as follows:
 Formulation and implementation of the project risk management plan