Project 2: Risk Management and Risk Register - London Olympics

This project focuses on risk management within the context of organizing an Olympic event in London. It begins with an overview of the project, detailing the planning and execution of the event, including budget estimation and risk identification. The core of the project involves a discussion of the risk register, which documents potential risks, their owners, mitigation strategies, and contingency actions. The project identifies potential risks such as schedule delays, team conflicts, and personnel issues. It also highlights the importance of owner responsibility, mitigation steps (clarifying requirements, team selection), and contingency actions. The risk register form is described as a crucial tool for managing and mitigating risks. The project emphasizes the importance of a structured approach to risk management, including risk planning, identification, analysis, and response plans, all of which are essential for a successful event. References to relevant academic resources are also included.

Risk management
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Contents
Project-2...........................................................................................................................................3
Overview......................................................................................................................................3
Discuss about the risk register containing documented risk which include owner, mitigation
and contingency actions...............................................................................................................3
Describe the risk register form....................................................................................................4
REFERENCES................................................................................................................................5
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Project-2
Overview
The documentation will be choosing the project for organising a sort of Olympics in
London. The project manager will plan to conduct the sport event so that they will try to arrange
all facilities and services. Higher education institutions initiative to estimate the budget,
identifying the risk register containing document risk and develop the management plan for
successfully conduct the event.
Discuss about the risk register containing documented risk which include owner, mitigation and
contingency actions.
A risk register is based on the documentation risks, condition that help for managing large
amount of risk in the event project. It is an essential to understand the successful risk
management that always support for identified threat they are logged on the register. Afterwards,
It can be applied the actions to respond against the risk (Hubbard, 2020)
Moreover, it has been addressed the documented risk in the “Olympic event” effectively
and efficiently.
 In some situation, task missing from schedule
 It has increased the chances of delay in one task.
 It has been changed the priorities of existing event or program.
 Development to the use of extra software that were not required for extending schedule.
 Properly not define the team’s scope during event.
 Conflict among the team member due to poor coordination, design and interface.
 The hiring process takes longer.
 It has not found the personnel with sufficient skills.
 The success of project is not clearly defined.
 Same resource used in different games.
On the other hand, it also including the different important element that help for defining the
actual current performance of project.
Owner: Project manager is responsible person for managing various risk and also
implementing the prevention contingency plans. It always focused on established the
coordination with stakeholders, members of project team. In order to handle the variety of risk in
proper manner.
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Mitigation: It has identified the various documentation risks that are needed mitigate the
risk in the event project. it may include the different steps such as
 Clarifying the requirement or need
 Select the right team
 Spread the risk
 Assess feasibility
 Testing
Contingency actions: Project manager use the plan to design the appropriate strategies,
controlling the future event or situation Olympic event.
Pre and post action mitigation: pre mitigation is that when identifying the current risk
exposure and accepted the risk. Afterwards, it consider post mitigation to perform action in
response against risk in the event project.
Weighting and scores: In this process, it can be recorded the specific weight, score of
particular games in the form of documentation.
Describe the risk register form
As project manager, it should consider the risk register form which consider as tool that
help for risk management plan. In order to support for identifying the possible risk, threat in
event organising process. It is very important for understanding the current risk and then make an
effective plan to control or maintain (Rampini, Viswanathan and Vuillemey, 2020). A risk
register is a crucial part that always useful for mitigate the risk while implementing an effective
action against the risk.
In risk management plan, It has followed the different processes such as risk planning,
identification, analysis, response plans and risk register. These are supporting to target the
current risk, afterwards it can applied contingency action plan towards risks.
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REFERENCES
Book and Journals
Hubbard, D.W., 2020. The failure of risk management: Why it's broken and how to fix it. John
Wiley & Sons.
Rampini, A.A., Viswanathan, S. and Vuillemey, G., 2020. Risk management in financial
institutions. The Journal of Finance. 75(2). pp.591-637.
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