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Report on Risk Management of Olympic - Tokyo

   

Added on  2020-06-05

13 Pages2764 Words222 Views
RISK MANAGEMENTOF OLYMPIC GAMESIN TOKIO 2020

Table of ContentsINTRODUCTION ..........................................................................................................................2LITERATURE REVIEW................................................................................................................2Overview of risk management................................................................................................2METHODOLOGY..........................................................................................................................4FINDINGS .....................................................................................................................................5REFERENCES..............................................................................................................................10Questionnaire .......................................................................................................................111

INTRODUCTION Risk assessment is a procedure through which an individual identifies different riskfactors and devises appropriate mitigation plans and policies In this, in order to reduce orovercome risk, suitable strategies are designed to prevent risk and ensure successful execution,known as risk management. The present report is based on risk assessment and management ofSummer Olympic 2020 (Aldrich, 2017 ). It aims at evaluating the likelihood and impact ofvarious risk factors i.e. Earthquake, tsunami, cyber security and terrorism. and others to makesuitable plans. These factors affects the management of event and creates huge disturbance anddifficulties for citizens. Risk management plan will facilitiates to prevent such risk factorseffectively and generate effective results. Overview of Summer Olympic 2020In September 2013, International Olympic committee awarded Summer Olympic 2020 toTokyo. It was selected through voting, in this process Tokyo was provided with 60 votes in finalround and Istanbul received 36 votes only. However, Madrid was eliminated after the 1st round,due to tie break. Tokyo was able to influence maximum number of voter due to their strongtechnical image; it supported them in increasing their vote count. After, 26 years Japan will beagain hosting Olympic game (TOKYO 2020, 2017). Through this event they are consideringthree fundamentals elements such as, introducing personal best, unity in diversity and futuretechnologies. Through hosting this event it will become first country of Asia that will host 4games. In this event 33 different sports will be featured (The Tokyo Shimbun's Five challengesfor Tokyo 2020 Olympic, 2017). The present report is based on the risk assessment andmanagement, with the help of this step, analyser will be able to determine risk along with theirimpact. It helps in implementing management strategies for Summer Olympic 2020 Tokyo.LITERATURE REVIEWOverview of risk managementRisk management is a process through which an individual is able to identify various riskhazard and on the basis of that necessary strategies are implemented, in order to reduce theirimpact. As per the view of Cairney and et.al., (2017), with the help of this management activitiescompanies are able to ensure successful execution of the planned program, events or projects.According to Fahimnia and et.al., (2015 ) probability of occurring loss and identifying theirfactors are known as risk assessment and strategies for control their impact are known as risk2

management. There are wide range of threats exists such as legal, strategic, financial ,natural,safety and others. The management process includes planning of activities, which is based ontheir priorities, evaluation, examination and decision making. There are various factors aredetermined that can affects the success rate of the event. Some of them are like natural, diseases,food, traffic, crime, etc. priorities. According to Fahimnia and et.al., (2015), there are variousbenefits also associated with this step. It helps in making the procedure effective and efficientand supports better outcomes for the companies. Failure of assessment and management refersthat analysis and recognition activities are not executed properly, due to which outcomes risksare not responding positive results. On the basis of above discussion it is explored that with thehelp of risk assessment process, efficiency and effectiveness of Summer Olympic 2020 can beincreased. On the cocontrary note, Heckmann, Comes and Nickel, (2015) there are various limitations arealso associated with this process, such as it depends on the environmental conditions andanalysis procedure. Techniques of risk management:There are various techniques are available of risk management. As per the view ofLauermann, (2014) mentioned two methods of risk assessment that are qualitative andquantitative risk management techniques. Qualitative risk management is a techniques throughwhich researcher is able to determine risk factors with the help of probability of the event.Through implementing the qualitative risk analysis method, prioritization of task takes place onthe basis of activities risk score or level of concerns,It helps in generating outcomes dependingon previous activities, due to which effective risk controlling strategies cannot be developed.Along with this it does not uses any standard mathematical tools for risk evaluation and onlydiscover the hidden pattern.. However, as per the view of Takeda and et.al., (2016) these factorscan be overcome with the help of quantitative risk analysis. In this process all the mathematicaltools are applied for determining the higher risk areas. Along with this information generatedwith the help of this method have proper evidences which ensure its reliability.. Whileimplementing this approach, manager is able to determine risk factors in terms of cost and time.It helps in developing strategies in order to meet the target and livelihoods. However, thismethod is effective in case of moderate and complex situation. Strategies for risk management:3

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