Please read the Case study XSU Spring Concert in Chapter 7, Pg. 237 (Image attached) and answer the following Questions, You are a member of the X State University (XSU) student body entertainment committee. Your committee has agreed to sponsor a spring concert. The motive behind this concert is to offer a safe alternative to Hasta Weekend. Hasta Weekend is a spring event in which students from XSU rent houseboats and engage in heavy partying. Traditionally this occurs during the last weekend in May. Unfortunately, the partying has a long history of getting out of hand, sometimes leading to fatal accidents. After one such tragedy last spring, your committee wants to offer an alternative experience for those who are eager to celebrate the change in weather and the pending end of the school year.You have just finished a preliminary scope statement for the project (attached). You are now brainstorming potential risks associated with the project.1. Identify potential risks associated with this project. Try to come up with at least five different risks.2. Use a risk assessment form similar to Figure 7.6 to analyze identified risks.Figure 7.6Risk EventLikelihoodImpactDetection DifficultyWhenInterface Problem444ConversionSystem Freezing255Start-upUser Backlash433PostinstallationHardware Malfunctioning155Installation 3. Develop a risk response matrix similar to Figure 7.8 to outline how you would deal with each of the risks.Figure 7.8Risk EventResponseContingency PlanTriggerWho is responsibleInterface ProblemMitigate: Test PrototypeWork around until help comesNot solved within 24 hoursNilsSystem FreezingMitigate: Test PrototypeReinstall OSStill frozen after one hourEmmylouUser BacklashMitigate: Prototype DemonstrationIncrease Staff supportCall from top managementEddieEquipment MalfunctioningMitigate: Select reliable vendor transfer: WarrantyOrder replacement Equipment failsJim 238 Chapter 7 Managing RiskTECHNICAL REQUIREMENTS1. Professional sound stage and system.2. At least one big-name artist.3. At least seven performing acts.4. Restroom facilities for 10,000 people.5. Parking available for 1,000 cars.6. Compliance with XSU and city requirements/ordinances.LIMITS AND EXCLUSIONS1. Performers responsible for travel arrangements to and from XSU.2. Vendors contribute a set percentage of sales.3. Concert must be over by 11:30 p.m.CUSTOMER REVIEWThe president of XSU student body. Chapter 7 Managing Risk 237Case 7.4XSU Spring ConcertYou are a member of the X State University (XSU) student body entertainment com-mittee. Your committee has agreed to sponsor a spring concert. The motive behind thisconcert is to offer a safe alternative to Hasta Weekend. Hasta Weekend is a springevent in which students from XSU rent houseboats and engage in heavy partying. Tra-ditionally this occurs during the last weekend in May. Unfortunately, the partying hasa long history of getting out of hand, sometimes leading to fatal accidents. After onesuch tragedy last spring, your committee wants to offer an alternative experience forthose who are eager to celebrate the change in weather and the pending end of theschool year.You have just finished a preliminary scope statement for the project (see below).You are now brainstorming potential risks associated with the project.1. Identify potential risks associated with this project. Try to come up with at leastfive different risks.2. Use a risk assessment form similar to Figure 7.6 to analyze identified risks.3. Develop a risk response matrix similar to Figure 7.8 to outline how you would dealwith each of the risks.PROJECT SCOPE STATEMENTPROJECT OBJECTIVETo organize and deliver an eight-hour concert at Wahoo Stadium at a cost not to exceed$50,000 on the last Saturday in May.DELIVERABLES• Local advertising.• Concert security.Separate Beer Garden.• Eight hours of music and entertainment.• Food venues.• Souvenir concert T-shirts.• Secure all licenses and approvals.• Secure sponsors.MILESTONES1. Secure all permissions and approvals by January 15.2. Sign big-name artist by February 15.3. Complete artist roster by April 1.4. Secure vendor contracts by April 15.5. Setup completed on May 27.6. Concert on May 28.7. Cleanup completed by May 31.

The systematic process of identifying, evaluating, analyzing, prioritizing, and mitigating potential…

Please read the Case study XSU Spring Concert in Chapter 7, Pg. 237 (Image attached) and answer the following Questions, You are a member of the X State University (XSU) student body entertainment committee. Your committee has agreed to sponsor a spring concert. The motive behind this concert is to offer a safe alternative to Hasta Weekend. Hasta Weekend is a spring event in which students from XSU rent houseboats and engage in heavy partying. Traditionally this occurs during the last weekend in May. Unfortunately, the partying has a long history of getting out of hand, sometimes leading to fatal accidents. After one such tragedy last spring, your committee wants to offer an alternative experience for those who are eager to celebrate the change in weather and the pending end of the school year. You have just finished a preliminary scope statement for the project (attached). You are now brainstorming potential risks associated with the project. 1. Identify potential risks associated with this project. Try to come up with at least five different risks. 2. Use a risk assessment form similar to Figure 7.6 to analyze identified risks. Figure 7.6 Risk Event Likelihood Impact Detection Difficulty When Interface Problem 4 4 4 Conversion System Freezing 2 5 5 Start-up User Backlash 4 3 3 Postinstallation Hardware Malfunctioning 1 5 5 Installation 3. Develop a risk response matrix similar to Figure 7.8 to outline how you would deal with each of the risks. Figure 7.8 Risk Event Response Contingency Plan Trigger Who is responsible Interface Problem Mitigate: Test Prototype Work around until help comes Not solved within 24 hours Nils System Freezing Mitigate: Test Prototype Reinstall OS Still frozen after one hour Emmylou User Backlash Mitigate: Prototype Demonstration Increase Staff support Call from top management Eddie Equipment Malfunctioning Mitigate: Select reliable vendor transfer: Warranty Order replacement Equipment fails Jim

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Please read the Case study XSU Spring Concert in Chapter 7, Pg. 237 (Image attached) and answer the following Questions,

You are a member of the X State University (XSU) student body entertainment committee. Your committee has agreed to sponsor a spring concert. The motive behind this concert is to offer a safe alternative to Hasta Weekend. Hasta Weekend is a spring event in which students from XSU rent houseboats and engage in heavy partying. Traditionally this occurs during the last weekend in May. Unfortunately, the partying has a long history of getting out of hand, sometimes leading to fatal accidents. After one such tragedy last spring, your committee wants to offer an alternative experience for those who are eager to celebrate the change in weather and the pending end of the school year.

You have just finished a preliminary scope statement for the project (attached). You are now brainstorming potential risks associated with the project.

1. Identify potential risks associated with this project. Try to come up with at least five different risks.

2. Use a risk assessment form similar to Figure 7.6 to analyze identified risks.

Figure 7.6

Risk Event	Likelihood	Impact	Detection Difficulty	When
Interface Problem	4	4	4	Conversion
System Freezing	2	5	5	Start-up
User Backlash	4	3	3	Postinstallation
Hardware Malfunctioning	1	5	5	Installation

3. Develop a risk response matrix similar to Figure 7.8 to outline how you would deal with each of the risks.

Figure 7.8

Risk Event	Response	Contingency Plan	Trigger	Who is responsible
Interface Problem	Mitigate: Test Prototype	Work around until help comes	Not solved within 24 hours	Nils
System Freezing	Mitigate: Test Prototype	Reinstall OS	Still frozen after one hour	Emmylou
User Backlash	Mitigate: Prototype Demonstration	Increase Staff support	Call from top management	Eddie
Equipment Malfunctioning	Mitigate: Select reliable vendor transfer: Warranty	Order replacement	Equipment fails	Jim

238 Chapter 7 Managing Risk
TECHNICAL REQUIREMENTS
1. Professional sound stage and system.
2. At least one big-name artist.
3. At least seven performing acts.
4. Restroom facilities for 10,000 people.
5. Parking available for 1,000 cars.
6. Compliance with XSU and city requirements/ordinances.
LIMITS AND EXCLUSIONS
1. Performers responsible for travel arrangements to and from XSU.
2. Vendors contribute a set percentage of sales.
3. Concert must be over by 11:30 p.m.
CUSTOMER REVIEW
The president of XSU student body.

Chapter 7 Managing Risk 237
Case 7.4
XSU Spring Concert
You are a member of the X State University (XSU) student body entertainment com-
mittee. Your committee has agreed to sponsor a spring concert. The motive behind this
concert is to offer a safe alternative to Hasta Weekend. Hasta Weekend is a spring
event in which students from XSU rent houseboats and engage in heavy partying. Tra-
ditionally this occurs during the last weekend in May. Unfortunately, the partying has
a long history of getting out of hand, sometimes leading to fatal accidents. After one
such tragedy last spring, your committee wants to offer an alternative experience for
those who are eager to celebrate the change in weather and the pending end of the
school year.
You have just finished a preliminary scope statement for the project (see below).
You are now brainstorming potential risks associated with the project.
1. Identify potential risks associated with this project. Try to come up with at least
five different risks.
2. Use a risk assessment form similar to Figure 7.6 to analyze identified risks.
3. Develop a risk response matrix similar to Figure 7.8 to outline how you would deal
with each of the risks.
PROJECT SCOPE STATEMENT
PROJECT OBJECTIVE
To organize and deliver an eight-hour concert at Wahoo Stadium at a cost not to exceed
$50,000 on the last Saturday in May.
DELIVERABLES
• Local advertising.
• Concert security.
Separate Beer Garden.
• Eight hours of music and entertainment.
• Food venues.
• Souvenir concert T-shirts.
• Secure all licenses and approvals.
• Secure sponsors.
MILESTONES
1. Secure all permissions and approvals by January 15.
2. Sign big-name artist by February 15.
3. Complete artist roster by April 1.
4. Secure vendor contracts by April 15.
5. Setup completed on May 27.
6. Concert on May 28.
7. Cleanup completed by May 31.

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