JCU Spring Concert: Comprehensive Risk Analysis and Management Plan

This report provides a comprehensive risk analysis and management plan for the JCU Spring Concert project, as outlined in the MGT206 course. The report begins with an executive summary that highlights the importance of risk management in project success, followed by an introduction that defines risk analysis and management. The discussion section explores various areas of risk within the project lifecycle, including operational, technological, financial, legal, commercial, market, social, political, and project delay risks. The report then presents a detailed risk register, identifying potential risks, their causes, impacts, current controls, and residual risks, along with a risk matrix to assess probability and impact. An analysis of risks is conducted, including both qualitative and quantitative approaches. The report concludes with a discussion on risk management strategies and potential mitigation plans to address the identified risks, ensuring a successful concert outcome. References are also provided.

Running head: RISK MANAGEMENT AND QUALITY ANALYSIS
RISK MANAGEMENT AND QUALITY
Name of the Student
Name of the University
Author Note

1RISK ANALYSIS AND RISK MANAGEMENT PLAN
Executive Summary:
The success of a project management depends upon the findings of some key factors that shows
impact on the definition of the project scope, schedule, cost, the plan of execution and the
strategy of contracting. Risks can happen across the project life cycle or can take place at several
instant throughout the project life. Finding out and mitigating the risks of the project are the most
crucial part in the management of a successful project. In this paper it looks into the areas where
the risk and threats can take place on the flow of the project procedure and analysis the
thoroughly by using risk register and risk matrix in account. At the end of this paper it also
suggests about the potential mitigation plans related to the issues that arises on the projects life
cycle.

2RISK ANALYSIS AND RISK MANAGEMENT PLAN
Table of Contents
1. Introduction..............................................................................................................................3
2. Discussion................................................................................................................................4
3. Areas of Risk in Project Management Life Cycle....................................................................4
3.1. Operational and Maintenance Risk:..................................................................................4
3.2. Technology Risk:..............................................................................................................5
3.3. Financial Risk:..................................................................................................................5
3.4. Legal and Regulatory Risk:...............................................................................................5
3.5. Commercial Risk:.............................................................................................................5
3.6. Market Risk:......................................................................................................................5
3.7. Social and Political Risk:..................................................................................................5
3.8. Delay in Project:................................................................................................................6
4. Risk Register............................................................................................................................7
5. Risk Matrix.............................................................................................................................10
6. Analysis of Risk.....................................................................................................................11
6.1. Quantitative Analysis of Risk.........................................................................................11
7. Risk Management...................................................................................................................13
8. Conclusion..............................................................................................................................14
9. Reference................................................................................................................................14

3RISK ANALYSIS AND RISK MANAGEMENT PLAN
1. Introduction
Now a day, effective management of the risk is a vital element for the successful
management of a risk. Failures in operating the management of risks effectively, can results into
exceeding the budget of the project, falling behind the schedule, missing of targets related to
critical performance, or exhibiting several combination of those troubles. Risk analysis is a
process that analyse and access risk, (Burke, 2013) where risk management analyse about the
risk to management strategies of the devices in the aim of ameliorating or reducing risk (Liu, Liu
& Liu, 2013).. This paper discusses about the areas in where risks got the potential to take place,
in the case of JCU Spring Concert and also thoroughly discuss about the strategies with the help
of which management gets the ability to deal with those potential risks. This paper thoroughly
discuss about the areas of risk related to the targeted success of the concert, analyse the
importance and affectivity of the risk with implementing the risk register and risk matrix, and
also suggest mitigation plan to this by analysing the case scenario.

4RISK ANALYSIS AND RISK MANAGEMENT PLAN
2. Discussion
In this project on the pages attached bellow it is analysed about the areas related to risk in the
life cycle of project management related to the Spring Concert of JCU. It also explains about the
potential methods to deal with the issues when they take places in the project life cycle.
3. Areas of Risk in Project Management Life Cycle
Throughout the life cycle a project accounts several risks, among which some have the
potential to cause serious loss related to profit as well as bankruptcy (Meredith et al., 2017).
While most of the large projects or business have their own extensive department for
“Management of Risk”, there is a lack of sincerity among the smaller business or project about
those issues. Even if a project is planned most carefully (Kliem & Ludin 2019) and sincerely still
the project faces troubles on their practical implementation. A risk could be explained as any
uncertain condition or event which might affect the aimed success of the project. Risks that are
associated with the infrastructure of the project can be classified in several ways.
PROJECT RISK
Technolo
gy
Operationa
l and
Maintenan
ce
Legal and
Regulator
y
Financial
MarketCommercia
l
Social
and
political
Delay in
Project

5RISK ANALYSIS AND RISK MANAGEMENT PLAN
3.1. Operational and Maintenance Risk:
Without the presence of an effective plan and management of risk, the project’s operations
could face unexpected costs and downtime (Christiansen, D'angona & Bell, 2015). The approach
to the management of risk during maintenance and operation focuses on action for prevention
and minimizes the cost to ensure that the asset of the project achieve an optimum performance in
the duration related to their life cycle.
3.2. Technology Risk:
Technology issues are any kind of potential risk that is responsible for the failures of the
technology that can disrupt the flow of the project or business like the incidents related to the
security of the information or outage of the services (Ray et al., 2014). Basically it could be
defined as the losses that a project faces due to the implemented technological failures for which
the project goes over predefined budget and fails to achieve the goals that set out in the case of
the project case.
3.3. Financial Risk:
Risk in Financial stage is the situation that is faced both by the project authority as well as
the consumers. This type if risks includes the financial loss related to a firm. It generally comes
in round for the losses and instability that occurs in the scenario of financial market for the
movements in currencies, rate of interest, prices of stock, etc.
3.4. Legal and Regulatory Risk:
An organisation’s regulatory risk is the adherence of the project to regulation, laws,
specification and guidelines related to the process of business. Violation of the regulation may
results into the legal punishment which may include federal fines.
3.5. Commercial Risk:
It is the risks that is taken by the project through offering credit without any collateral. Most
of the companies offers credit terms. This type of risk analysis gets evaluated professionally by
companies, i.e. insurance providers (Thamhain, 2013), where the commercial risk of the project
must make some sense for doing business. Management tells upon the project as well as
investors, insurance providers, lenders, etc.
3.6. Market Risk:
It a kind of possibility of experiencing losses by an investor for the overall effecting factors
in the market of finance. It is also known as “systematic risk” that couldn’t be overcome by
adopting diversification, though there are possibilities to hedge against it, through other ways.

6RISK ANALYSIS AND RISK MANAGEMENT PLAN
3.7. Social and Political Risk:
Social and political risk are those risk where the return of an investor suffers as the result for
the political modification or instability in the country’s environment. Instability that effects the
business returns includes changes in government, legislative bodies, and other policies makers
from foreign or under control of military.
3.8. Delay in Project:
Delay stands for different things related to different authorities. From the project outset, it is
very important to find out the deformities for which the project faces the risk of delay. The delay
could occur for several reasons that includes the crew, client, weather, malfunction of equipment,
etc.

7RISK ANALYSIS AND RISK MANAGEMENT PLAN
4. Risk Register
Risk Register plays a vital role in the planning of risk management plans through tracking down
the issues and the problem that arise in the practical application of the management plan. Risk
Register is basically a type of document that is consisted of information related to the identified
risk areas (Baker et al., 2014), risk severity analysis and evaluation of potential solutions in
relation with that.
Ris
k
Description Causes Impact Current
Control
Residual
Probabilit
y
Residua
l
Impact
Residua
l Risk
Score
1 Inadequate
Safety and
Health
Management
Lack of
practice in
communicati
on, co-
ordination,
resource,
increase in
level of
attendance,
poor working
in
interdepartme
ntal
Personal/
Fatalities
injury;
reputation,
financial
costs;
Damage in
the inter-
relationship
of agencies.
Planning team
of the event
L VL 11
Risk assessment
and safety
plans.
Vetting of third
parties/contract
ors.
Contractual
arguments.
Group of Safety
Advisory.
Evaluation of
post-event.
Staff training
and
appointment of

8RISK ANALYSIS AND RISK MANAGEMENT PLAN
safety officer.
2 Inadequate
or
inappropriat
e system of
procurement
Lack of -
procedures
and policies,
resources,
training,
proper
system of
management.
Inaccuracy in
the decision
of
procurement,
Non-
compliances
related to the
policies of
procurement,
legal
challenges,
and
reputation
Council
procurement
procedures and
policies.
H VH 11
Advice form
and Liaison
with Manager
of Procurement.
Ris
k
Description Causes Impact Current
Control
Residual
Probabilit
y
Residua
l
Impact
Residua
l Risk
Score
3 An effective
grant aid
procedure
for events
and festival
is not
delivered.
Lack of-
policies for
grant aid that
ensures the
linking of
grant
program with
event and
festival
objective;
lack of
trained
bodies and
resources.
Inappropriate
allocation of
grant;
financial
cost; fraud;
opportunity
and
reputation
loss; effect
on
communities.
Fund of
community
festival.
VH H 9
Policy of Grant
aid for ensuring
Tier2 event’s
competitive
strategy.
Independent
panels for
assessment.
Award criteria
attached with
the objectives
of community
plans.
4 Inadequate
System of
budgetary
control
Lack of
practice in
inter-
departmental
Financial
Cost;
Overspend
Quarterly
reports of
budget
VH VH 8
Agreement

9RISK ANALYSIS AND RISK MANAGEMENT PLAN
communicati
on;
inadequate-
system of
reporting,
authorization
of costing;
Variances of
service cost;
events that
aren’t
planned
between event
rates and staff.
Liaison with the
Directorate
accountant.
5 Lack of
Strategy in
Festival and
events
Lack of
planning
strategically,
Direction,
and
interrelation
with planning
process of
community.
Lower
impact on
both quality
and finance,
lack in the
co-ordinated
approach,
effort
duplication.
Member culture
in the
established
working group.
L L 9
Engagement in
the process of
community
planning.
6 Insufficient
area of
Marketing
Lack of
project’s
budget and
the resources
for marketing
Minimum
impact and
oor reach;
approach to
the project in
an incohesive
way,
Economic
impact and
average
participation.
Plan of
marketing in
place
L H 9
Regularly meet
the officers of
marketing.
Support from
communication
and marketing
team
7 Poor
development
Lack of
team/resourc
Lack of
participant;
Agreement of
annual program.
VL VL 4

10RISK ANALYSIS AND RISK MANAGEMENT PLAN
program es for the
development
events, Lack
of directional
strategy,
Inability in
effective
researching
reputation
degradation;
Insufficient
funds usage
Annual
animation
service tender.
Operating with
the key partners
of delivery
program
Establishment
of working
group with
members.
5. Risk Matrix
In every phase of a project lifecycle the project strategy faces several risks (Liu et al.,
2016), which could be both unexpected and expected, and when it happens, it needs attention
and time (Johansen & Rausand, 2014). A matrix of risk is used when the quantitative
analysis of risk is taken in counter. It is a process of calculating the impact of risk against the
probability of it.
Probability
V H 3 4
H
2
ML 1 5 6
V L 7

11RISK ANALYSIS AND RISK MANAGEMENT PLAN
V L L M H V H
Impact
6. Analysis of Risk
After identifying the risk range it is now needed to find out the priority of risk in order to find
out the areas where attentions are needed, that is determine depending upon the analysis of both
their absolute significance as well as relative priority (Aven, 2015). There are few categories
through which we can analyse the risks related to project-
 Qualitative Analysis of Risk.
 Quantitative Analysis of Risk.
 Complex Approach to Analysis the Risk.
6.1. Quantitative Analysis of Risk
Assessment of Quantitative Risk
Uncertainly Modelling Probability and
Evaluation of Impact
This could be categorised further:
 Uncertainly Modelling
o Techniques Based on Tree
I. Analysis of false tree (FTA)
II. Analysis of Event Tree (ETA)
III. Analysis of Cause-Consequence (CCA)
IV. Manage review technique of the organization (SMORT)
V. Risk Tree of Oversight Risk Tree (MORT)
o Critically Analysis
I. Effects analysis and failure Tree (FMEA)
II. Operability and Hazard Study (HAZOP)
III. Analysis of preliminary hazard (PHA)
o Dynamic Analysis
I. Modelling of Markov’s Chain.