Project Management Streamlining Project Delivery

Question: Discuss about the Project Management for Streamlining Project Delivery. Answer: The following sections provide an insight to the risks that have been identified in the table above: Risk event 1: Direct competitor festival Similar art festivals might be arranged by competitor organizations at the very some time when the Liverpool music festival is being conducted. Such an event would affect the festival financially and thus is being considered as commercial risk. However, since the chances of two music festivals being scheduled at the very same time is very less: thus, the probability of the risk has been considered as 3. The occurrence of the risk factors would have a serious effect on the success of the festival: hence the impact level has been considered as 8. Risk event 2: Very few visitors came to Festival. There exists a significant probability that in spite of the efforts put in by the marketing team, the festival might not attract that many visitors as has been expected. In this case, the sponsors of the festival would be affected financially as they would not be able to gain back the revenue that had been invested in the festival. Thus, on considering the effects of such a risk event, the impact level has been considered as 8. Risk event 3: Wrong/over budget There always remains a possibility of over or under budgeting any project, and such risks, needless to say affect the project financially. Appropriate project management tools and techniques are being employed to scheduling and budgeting the Liverpool music festival, which has reduced the probability of the occurrence of this risk. Thus, the risk probability is being considered as 3, while the impact level has been marked as 7. Risk event 4: Weather condition cause delay on the Location and stage Changes in the weather conditions of the venue (Stanley Park), would drastically affect the success of the festival: bad weather conditions might force the sponsors of the organization to change the schedules of the project, leading to huge financial losses. Besides this poor weather conditions might also restrict viewers from attending the festival. The probability, that weather conditions might change suddenly, is neither very high nor very low. Such being the case, the risk has been rated as medium and the impact of the risk has also been considered to be medium Risk event 5: A number of artists got ill. Some of the artists of participating performing in the festival might get ill all of a sudden, which would eventually jeopardise the performances scheduled for the festivals. This particular risk event is being considered as technical risk as it would hamper one of the core functionalities of the project. The probability of the occurrence of the risk is being considered as to be 5 on a scale of 10, whereas on considering the disastrous effects that the risk might have on success of the festival, its impact has been marked to be of level 8. Risk event 6: A delay on the license permission from Liverpool city council The entire festival might be jeopardized in case the licensing permissions for conducting the festival are delayed: thus this particular risk is being considered as an exceptional risk. The probability of the occurrence of the risk is being considered as to be 5 on a scale of 10 and an analytical consideration of the effect of the task has lead to it being graded as a level 8 risk. Risk event 7: The location is being looted and destroyed The chance, that the entire location gets vandalized, is quite low. Thus, the probability of the risk has been marked as 2. However, such vandalization might force the organizers to postpone the festival, thus leading to huge financial losses. Thus the impact of the risk is being considered to be of level 8. Risk event 8: Planning permission rejected. There remains a chance that the plans for the festival might get rejected by the local authorities of Stanley Park. Since the project team is already considering the legal parameters of conducting the festival, it is less likely that the risk incident would actually arise. Thus, the probability of the risk incident is being considered to be very low. Since the future of the project would be jeopardised in case such an incident occurs, the impact level is being considered as 9. Risk event 9: Workers and stuff work very slowly causing a delay Delays made by the project team might also affect progress of the project by a significant extent. As the chances of workers slowing down the progress of the project exist to quite some extent, the risk probability is considered as 5. However the impact of the risk so being considered to be of level 9 due to its significant effect. Risk event 10: Bad communication between members Lack of communication between the project members would indeed restrict the progress of project. Moreover, the probability of occurrence of the risk, as indicated in the table, is not very low (medium to be precise). Thus the impact of this risk is being considered to be of level 9. The above mentioned risk factors can be classified under the following heads: Internal risks: The risks arising from the factor internal to the organization (like that of human factors, physical factors and technological factors) are considered as internal risks. External risks: Risk that cannot be controlled by the organizers of the festival are e being considered as the external risks. The following table depicts the classification of identified risks. Sl No Risk event Risk Categories Type 1 Direct competitor festival Commercial risks External risks 2 Very few visitors came to Festival. Commercial risks External risks 3 Wrong/over budget Financial risks Internal risks 4 Weather condition cause delay on the Location and stage Execution risks External risks 5 A number of artists got ill. Technical risks Internal risks 6 A delay on the license permission from Liverpool city council Execution risks External risks 7 The location is being looted and destroyed Political risks External risks 8 Planning permission rejected. Contractual or legal risks External risks 9 Workers and stuff work very slowly causing a delay. Execution risks Internal risks 10 Bad communication between member Technical risks Internal risks Bibliography Ashuri, B., Kingsley, G., Rogers, J., Gahrooei, M.R., Ilbeigi, M., Sung, E.J.Y. and Toroghi, S.S.H., 2015.Streamlining Project Delivery through Risk Analysis(No. FHWA-GA-15-1305). Cooper, D., Bosnich, P., Grey, S., Purdy, G., Raymond, G., Walker, P. and Wood, M., 2014.Project Risk Management Guidelines: Managing Risk with ISO 31000 and IEC 62198. John Wiley Sons. Fernndez-Diego, M., 2013. Project Risk Management. InProject Management for Environmental, Construction and Manufacturing Engineers(pp. 75-90). Springer Netherlands. Gallati, R., 2015. Risk Management Capital Adequacy. Hillson, D. and Simon, P., 2012.Practical project risk management: The ATOM methodology. Management Concepts Inc.. McNeil, A.J., Frey, R. and Embrechts, P., 2015.Quantitative risk management: Concepts, techniques and tools. Princeton university press. Moran, A., 2014. Project Risk Management. 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