Comprehensive Risk Management Plan for American Got Talent Show

This report presents a comprehensive risk management plan developed for the American Got Talent project. The introduction highlights the importance of risk management in handling potential issues related to stage setup, budget, and scheduling. The top three risks identified are program delays, technical issues, and contestant safety concerns. The report outlines a risk management approach using the PDCA cycle, emphasizing plan, do, check, and act phases. Risk identification methods include analyzing past reports, team member experiences, and risk assessment meetings. The plan details risk qualification, prioritization, and monitoring processes. Mitigation strategies are suggested for the identified risks, including scheduling methodologies, experienced IT experts, and health and safety strategies. The report concludes with a risk register and sponsor acceptance.

RISK MANAGEMENT PLAN
<PROJECT NAME>
COMPANY NAME
STREET ADDRESS
CITY, STATE ZIP CODE
DATE

Table of Contents
INTRODUCTION...........................................................................................................................2
TOP THREE RISKS........................................................................................................................2
RISK MANAGEMENT APPROACH............................................................................................3
RISK IDENTIFICATION...............................................................................................................3
RISK QUALIFICATION AND PRIORITIZATION......................................................................4
RISK MONITORING.....................................................................................................................4
RISK MITIGATION AND AVOIDANCE.....................................................................................4
SPONSOR ACCEPTANCE............................................................................................................7
BIBLIOGRAPHY............................................................................................................................8

INTRODUCTION
Risk Management Plan is developed for the integration of the various risks of the project or
program and analyzes them for the development of the specific operations of the project
(McNeil, Frey & Embrechts, 2015). The development of the risk management plan would be
helpful for dealing with the existing problems of the American Got Talent Event. The project
would comprise of a number of activities like stage set up, lighting, sound system, budget, event
schedule, and other activities. Hence, it is possible that there is scope for the generation of the
issues in completion of the project. However, the use of risk management plan would be helpful
for overcoming any issues with the development of the project operations. The implication of the
project integration management would comprise of developing the effective risk management for
overcoming the issues that might affect the project of American Got Talent Show (Caron, 2013).
The following document would serve the purpose of investigation of the risk and development of
mitigation strategies for minimizing the impact of the risk.
TOP THREE RISKS
The top three risks for the project of American Got Talent are delay in program, technical
issues in stage development, and safety issues of contestant. Apart from the top three risks, the
other risks involved for the project of American Got Talent Show are cost over budget, lack of
communication, inadequate information, slackness in development, inferior quality of
materials, uneven distribution of responsibilities, and conflict among project team. These
three issues would cause severe impact on the project of American Got Talent Show. The delay
in program is raised when the actually scheduled program of the American Got Talent Show
could not be started or completed as expected (Glendon, Clarke & McKenna, 2016). The
situation might be resulted due to lack of proper planning or materials. The technical issue is
very common. As the American Got Talent Show require the use of the lights, sound, camera,
and other technological equipments, it is possible that the system would face the technical issues.
The lights might not work properly, or the sounds would be hazy, or the power might go out.
These were some of the technical issues in developing the stage of the American Got Talent
Show. The safety issue is of primary concern for the American Got Talent Show as the show
consists of many contestants and audiences. Even the slightest glitch in the stage would result in
endangering the safety of thousands of the people.
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RISK MANAGEMENT APPROACH
The approach for the development of the risk management comprise of forming the specific
development of the appropriate strategies. The risk management approach would be carried on
by using the PDCA cycle (Hopkin, 2017). The PDCA cycle is the most appropriate method of
implementing the risk management plan for the project of American Got Talent Show. The
PDCA cycle consists of Plan, Do, Check, and Act phase. The plan phase is characterized by the
development of a specific plan for the risk management approach. The risk management plan is
developed by analysis of the impact of the risk factors. The do phase forms the development of
the mitigation strategies of the risk management plan. The implication of the mitigation
strategies would help in developing effective promotions for the American Got Talent Show and
it would reduce the probability of occurrence of the risk (Chance & Brooks, 2015). The check
phase would tend to analyze the impact of the risk mitigation strategies on the operations of the
project of American Got Talent Show. The act phase tends to form the development of the risk
management strategies and their implication for the project of American Got Talent Show.
RISK IDENTIFICATION
The risk identification for the project of American Got Talent Show can be done by following,
Data of Past Reports: The data of the past reports would serve the most credential risk
identification method (Pritchard & PMP, 2014). The proper documents of the past projects
would help in realizing the possible issues for the project of American Got Talent Show. The
analysis would be helpful for sorting some of the probable risk and their mitigation strategies for
the ongoing project of similar kind.
Experiences of the team members: The recruitment of the project team members have been
done on the basis of their experiences and skills. The experienced project team members would
serve the purpose of the identification of the various activities required for the project of
American Got Talent Show. However, they would be accustomed to the probable
Risk Assessment Meetings: The risk assessment meetings are done for getting an overview of
the progress of the project and identifying the glitches and issues of the project. These meetings
would provide the affirmative risk factors that have impacted the project of American Got Talent
Show and its progress.
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RISK QUALIFICATION AND PRIORITIZATION
The risk qualification for American Got Talent Show is done by analyzing the two characters of
the risk factors and they are probability and impact. The probability is the analysis of the
occurrence of the risk factor and it claims the development of the risk analysis (McNeil, Frey &
Embrechts, 2015). The probability of the risk factor is measured in terms of the chances that the
risk factor would happen surely or not (Lam, 2014). The probability analysis rates the risk factor
in ‘almost certain’, ‘likely’, ‘possible’, ‘unlikely’, and ‘rare’. The impact analysis is done for
realizing whether the risk factor would have high impact or low impact on the project operations.
The impact analysis rates the risk factor in ‘very high’, ‘high’, ‘medium’, ‘medium low’, and
‘low’.
The prioritization of the risk factors for American Got Talent Show is done by giving values to
the rating of the probability and impact analysis of the risk. The ratings ‘almost certain’, ‘likely’,
‘possible’, ‘unlikely’, and ‘rare’ and ‘very high’, ‘high’, ‘medium’, ‘medium low’, and ‘low’
each are given values from 5-1 respectively. The combined ratings of these two are used for
finding out which of the risk factor should be given highest priority.
RISK MONITORING
The risk monitoring is done for the analysis of the risk factors and their impact on the project of
American Got Talent Show. The monitoring of the risk factor would help in developing the
appropriate strategies for reducing its impact on the project (Liu, Meng & Fellows, 2015). The
monitoring of the risk is done for ensuring that the analysis of the project operations and the
implication of the functions would be successful. The risk monitoring is done by analyzing the
status of the risk, triggering factors for the risk, and documentation of the risk analysis.
RISK MITIGATION AND AVOIDANCE
As opined by Teller, Kock and Gemunden (2014), the risk mitigation is done for the
development of some strategies for mitigating the factors of the risk and form the analysis of the
effective risk analysis and development. The risk mitigation is formed for the development of the
effective strategies for mitigating the risk factors and reducing their impact on the project
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operations. The risk avoidance is done for avoiding the occurrence of the severe risk factors and
protect the project of American Got Talent Show from blunders.
The risk mitigation strategies for American Got Talent Show are,
a. Use of proper scheduling methodology for the program
b. Hiring experienced IT experts for managing the technical activities and dealing with the
issues
c. Development of health and safety strategy for the project of American Got Talent Show
RISK REGISTER
Risk ID. RFID0031 RFID0032 RFID0033 RFID0034 RFID0035
Risk
Description
Delay in
program is the
primary factor
that has been
resulted due to
issues in the
project
operations.
Technical
issues in stage
development
is another
major factor
that would
impact the
development
of the project
success
Safety issues
of contestant
can be a result
of the
possibility of
occurrence of
the accidents
at the show or
any issue in
the
equipments
used in project
Cost Over
budget
would be
resulted due
to the lack
of proper
budget
specification
Inferior
quality of
materials
occurs when
the
managers do
not ensure
the proper
quality
management
for the
project
Risk
Consequences
The talent
contest show
would not be
completed in
the estimated
time duration.
Technical
issues might
result in delay
of project of
decrease in
the quality of
the project
The safety
issues would
result in
harming the
people present
at the Talent
Show
Increase of
the overall
budget
would result
in forming
the decrease
in the
The inferior
quality of
materials
would result
in forming
the issues in
the project
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benefit of
the project
for the client
of Talent
Contest
Show
Risk Type Operational Functional Operational Financial Procurement
Probability Almost
certain
Likely Unlikely Possible Rare
Impact Medium High Very High Medium High
Rating High Critical Medium Medium Low
Owner Planner IT team Project
Manager
Budgeter Quality
Analyst
Mitigation
Strategies
Use of proper
scheduling
methodology
would help in
ensuring that
the operations
of the project
are completed
in the
estimated time
duration and it
would provide
scope for the
development
of the
operations
Hiring
experienced
IT experts
would ensure
that the
development
of the solution
strategies for
the IT
experts. The
probable
issues in
developing
the solution
would be
enhanced by
the support of
IT experts.
Development
of health and
safety strategy
would provide
the
development
of the safety
strategies for
the
development
of the
probable
solutions of
the issues.
The
development
of
provisional
plan would
be implied
for
developing
the probable
solution of
the project
of Talent
Contest
Show.
The
ensuring of
the
development
of quality
management
plan for the
project
would be
formed for
development
of proper
solutions of
the project
quality
analyst.
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SPONSOR ACCEPTANCE
Approved by the Project Sponsor:
___________________________________________ Date:____________________
<Project Sponsor>
<Project Sponsor Title>
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BIBLIOGRAPHY
Caron, F. (2013). Project Risk Management. In Managing the Continuum: Certainty,
Uncertainty, Unpredictability in Large Engineering Projects (pp. 67-74). Springer Milan.
Chance, D. M., & Brooks, R. (2015). Introduction to derivatives and risk management. Cengage
Learning.
Glendon, A. I., Clarke, S., & McKenna, E. (2016). Human safety and risk management. Crc
Press.
Hopkin, P. (2017). Fundamentals of risk management: understanding, evaluating and
implementing effective risk management. Kogan Page Publishers.
Lam, J. (2014). Enterprise risk management: from incentives to controls. John Wiley & Sons.
Liu, J., Meng, F., & Fellows, R. (2015). An exploratory study of understanding project risk
management from the perspective of national culture. International Journal of Project
Management, 33(3), 564-575.
McNeil, A. J., Frey, R., & Embrechts, P. (2015). Quantitative risk management: Concepts,
techniques and tools. Princeton university press.
Phillips, J. (2013). PMP, Project Management Professional (Certification Study Guides).
McGraw-Hill Osborne Media.
Pritchard, C. L., & PMP, P. R. (2014). Risk management: concepts and guidance. CRC Press.
Teller, J., Kock, A., & Gemünden, H. G. (2014). Risk management in project portfolios is more
than managing project risks: A contingency perspective on risk management. Project
Management Journal, 45(4), 67-80.
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