Analysis of Risk Drivers for a Successful Jazz Band Tour Event

This report provides a comprehensive analysis of the risk drivers associated with organizing a jazz band tour event. It begins with a review of the scenario, emphasizing the importance of careful risk consideration in event management. The report identifies key risk drivers, including costs, project schedules, performance, governance, strategy, operations, market factors, legal aspects, and external hazards. Each risk driver is examined in detail, with associated risks, their impact levels (high, medium, or low), and probabilities assessed. Mitigation strategies are proposed for each risk, covering areas such as financial planning, schedule management, performance standards, legal compliance, and hazard preparedness. The report underscores the necessity of proactive risk identification and management, highlighting the role of a risk committee and the importance of continuous risk assessment throughout the project lifecycle. The conclusion emphasizes that effective risk identification is crucial for event success and financial savings, promoting a risk register for strategic decision-making. The report references key sources to support its findings.

Risk Drivers for Jazz Band Tour Event 1
RISK DRIVERS FOR JAZZ BAND TOUR EVENT
By Name
Course
Instructor
Institution
Location
Date

Risk Drivers for Jazz Band Tour Event 2
Risk Drivers for Jazz Band Tour Event
Review of Scenario
The project involves event management for a tour that will have a number of events for a popular jazz
band. There are various tour dates set where the band will perform in different places on different dates.
In organizing such an event, many risk factors have to be considered carefully. The management has to
come up with ways in which the risks will be mitigated so that the tour becomes a success.
Risk Drivers
Risk drivers are an important factor because they will determine if the event s are on track and whether
the key objectives are being achieved (Davies 2014). The drivers in this case will address the following
factors:
• Whether the objectives set for the tour event are realistic and achievable
• Whether the plan for carrying out the tour is efficient
• If tasks and activities have been done effectively and efficiently
• The tour event complies with all relevant policies, laws, and regulations
• The event s company has the capacity and capability to manage the tour event for the jazz group
• The systems which are in place will effectively support the tour
• There are enough human resources to ensure the tour event goes on smoothly
The risk drivers for the tour event are:
 Costs – The costs of the whole tour event has to be considered
 Project Schedule – The schedule has to be realistic and achievable
 Project Perfomance – The project must perform according to the standards which have
been set (Burke 2013)

Risk Drivers for Jazz Band Tour Event 3
 Governance – The leadership has to behave responsibly so that the project succeeds
 Strategy – Strategy planning has to be according to the tour objectives
 Operations – Processes and procedures of the event management company have to be
considered
 Market- The company has to consider its competitors who offer similar services
 Legal – All legal policies must be taken into consideration especially due to the fact that
it is a tour
 External Hazards-Weather and terrain have to be considered

Risk Drivers for Jazz Band Tour Event 4
The above risk drivers have risks associated with them and they are listed in the table below with their probability, impact and
mitigation strategies.
Risk Drivers Actual Risks Measurement Impact
(High,
Medium
or Low)
Probability
1-5
minimal
6-12
moderate
15-20
serious
21-25
critical
Risk Mitigation
Strategies
Costs  Inadequate Financing for tour
 Unforeseen costs
Have extra
project funds
High Critical Project Fund and
Insurance
Project Schedule  Slippages hence causing longer
tour dates
Number of
extra days tour
takes
Medium Serious Have Gantt Chart
Involve all stakeholders
in project schedule
Project performance  Lack of crowd turn-up for
concerts
 Ticket sales below par due to
pricing
Undersold
Tickets
High ticket
prices
High Critical Ticketing survey
beforehand
Cost effective ticket
pricing

Risk Drivers for Jazz Band Tour Event 5
 Performers not turning up
Governance  Reputational risk if company
does not perform as required
 Restrictive legislation in some
areas where tour is meant to
occur
Poor sound,
lighting,
ambience
Shorter tour
hours
Medium Serious Have pre-practice
sessions to see if
equipment is okay
Know legislation of
different areas with
regards to band touring
Strategy  Disappointment by some
suppliers
 Over or Under estimating crowd
turn ups
Shoddy work,
unhappy band
members
Too little or
too many
people
Medium Moderate Prior planning by proper
advertising and finding
out about jazz lovers in
different areas
Hyping the event
Operations  Late procurement of required
equipment
 Delays in processes like venue
booking
Performance
Delays
Setup Delays
Loss of venues
Medium Critical Early procurement
planning
Assignment of tasks to
specific people
Market  Competition booking spots
intended for the jazz band tour
due to booking delays
 Not studying the market for jazz
music lovers well
Venue Loss
Few fans
turning up
Low Strong Benchmark and
advertise
Book early

Risk Drivers for Jazz Band Tour Event 6
Legal  Contract risks if events company
underperforms
 Copyright Infringement
Claims by
other
musicians
Loss of future
business
Medium Strong Ensure all legal
procedures are followed
in case some of the
music will be borrowed
Ensure high performing
organization by training
employees well and
motivating them hence
they will handle
musicians well
External Hazards  Risk of bad weather or other
natural hazards which can
interrupt the tour
Venue
closedowns
Lack of
travelling
Cancellations
Low Strong Ensure dates are
checked, weather for
areas where tour will be
held is checked, any
hazards are taken
seriously

Risk Drivers for Jazz Band Tour Event 7
It is very important that the events management company identifies any risks that may affect the
tour of the jazz band beforehand. His will give the company an overview of what might make the
project fail to succeed and they can come up with the relevant solutions on time (Davies 2014).
When handling music bands the company has to be very careful as it is very easy to suffer
reputational risk due to a failed project.
It is therefore important that the events management company have a risk committee for the
project. The role of the risk committee will be to look at the project holistically and identify
potential risks. They also assess the impact that the particular risk may cause and then suggest
possible solutions. This will help the company to think of risks before they occur. They will also
take into consideration very many factors before project implementation (Burke 2013). It is key
that at every stage of the tour project, risks are identified and mitigated. Risks keep changing all
the time hence a risk today may not be a risk tomorrow and vice versa.
The tour event company has high probability of having a very successful tour due to the risk
identification exercise. The company will maintain a risk register which will be continuously
updated and will be critical in helping the organization make the right strategic moves that will
ensure the company’s event organizing activities are always a success. Identification of risk
drivers is an important exercise that all organizations must aim to undertake if they wish to
succeed in strategy. It will save the company millions of money that would have been used
trying to mend mistakes once they have already taken place.

Risk Drivers for Jazz Band Tour Event 8
References
Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA.
Davies, J.C., 2014. Comparing environmental risks: tools for setting government priorities.
Routledge.