Do Not change the format of this table. Do not change the page orientation or size.
Use the Impact Table and Heat Map from the assignment case (not any other source).
As an individual (not a group), copy the cost table from Practical Assignment 3 and update (individually) to include any improvements recommended. Add at least 2 new costs as needed to reflect your risk statement. Risk statements used in group assignments will not be accepted.
Risk ID
Risk Statement
Risk Owner
Prob %
Impact
Risk Rating
Risk Type
EMV Cost
EMV Dur
Category
Trigger
Risk Response
1 (Threat)
Unexpected weather can bring venue issues, or supplier failures
, which resulted in a three-day event delay and a $7,000 increase in cost.
Project Coordinato
r: Manik Sharma
40%
4-High
2- Low
T
Emv cost for threat = Increase
cost * Probabil
ity+ new
cost = 7000*4
0%
+1000=
3800
EMV dur= Delay due o threat*
Prob= 3* 40%= 1.2 days
Provider and dealer within the company
if the suppliers or the venue could not be resolved three days before the event.
1) Create a contingency plan: In the event of unforeseen weather conditions or supplier failures, prepare a thorough backup plan that includes alternate venue options. This plan should include
actions that reduce the effect on the event plan and promptly handle any disruptions. 2) Keep lines of communication open: Stay informed about any supplier difficulties or possible weather-related issues by keeping in regular contact with venue management and suppliers. Address any issues as soon as they arise and collaborate closely with them to identify substitutes or make the required corrections.
3) Set aside a portion of the budget as a
risk reserve to cover unanticipated expenses arising from supplier failures or weather-related venue issues. This reserve can lessen the financial effects and guarantee that the event can go on without a hitch even in difficult situations. 2 (Opp.)
The event's publicity will increase with the presence of a popstar, utilizing the gala to increase visibility and draw in additional sponsors and donors.
Celebrity cost increase: $6,000
Finance Manager: Aditya Ghewade
20%
3- Moderat
e
2- Low
O
Emv cost for opportu
nity = Increase
cost * Probabil
ity = 6000*2
0%=120
0
EMV dur= Delay due to opport
unity * Prob=0
*20=0
Management (stakeholder)
The popstar's agreement and commitment to take part at the gala is successfully obtained by the event organizers, who can use their presence to boost publicity, draw more attention, and possibly boost funding and contributions.
1) Verify contractual agreements: Make sure that all the popstar's contracts, including those pertaining to their performance, appearance fees, and
any special requirements, are thoroughly examined and completed. This reduces the possibility of misunderstandings and helps to set clear expectations.
2) Promote the popstar's attendance: Create a thorough marketing and MGMT8370 Winter2024
