Very High High Medium Low Security Cocerns, Health and Safety Incident Venue Issues, Negative Publicity, Regulatory Compliance, Sponsor Withdrawal, Budget overrun, Celebrity Cancelation Technical Failures, Transportation Issues, Vendor Issues, Staff Shortage, Scheduling Conflicts Weather Conditions Very Low IMPACT/PROBABILITY Very Low Low Security Concerns Medium Low Attendance High Very High (Very High Impact, Low Probability) Explanation: While the probability of a major security incident is low due to preventive measures, the impact would be very high, including potential harm to attendees and severe reputational damage. Strategy: Mitigation Actions: Hire professional security services, conduct thorough risk assessments, and implement strict access control measures. Celebrity Cancellation (High Impact, Medium Probability) Explanation: The event heavily relies on the presence of the celebrity. If they cancel, it could severely affect attendance and the overall success of the event. However, celebrities often have busy schedules and may need to cancel unexpectedly, making this a medium probability risk. Strategy: Mitigation Actions: Have a backup celebrity or panel ready to step in. Include a cancellation clause in the contract with the celebrity. Low Attendance (Medium Impact, High Probability) Explanation: Low attendance is likely if the marketing is ineffective or if there is a lack of interest among the target audience. This would impact the event's atmosphere and financial returns, though it is not as critical as some other risks. Strategy: Mitigation Actions: Increase marketing efforts, offer early bird discounts, engage with student communities to boost interest, and use social media campaigns. Technical Failures (Medium Impact, Medium Probability) Explanation: Technical issues such as AV equipment failure can disrupt the event, causing delays and frustration. These are relatively common but usually manageable with contingency plans. Strategy: Mitigation Actions: Conduct technical rehearsals, have backup equipment on hand, and ensure technical support is available throughout the event. Weather Conditions (Low Impact, Medium Probability) Explanation: Since the event is likely to be indoors, weather conditions would have a minimal impact. However, severe weather might affect transportation and attendance, making it a medium probability risk. Strategy: Acceptance Actions: Inform attendees of any potential weather issues in advance, ensure indoor routes are accessible, and provide transport updates if needed.