Risk Drivers for Jazz Band Tour for Realistic - myassignmenthelp

Question: Discuss about theRisk Drivers for Jazz Band Tour Event for Realistic. Answer: Review of Scenario The project involves event management for a tour that will have a number of events for a popular jazz band. There are various tour dates set where the band will perform in different places on different dates. In organizing such an event, many risk factors have to be considered carefully. The management has to come up with ways in which the risks will be mitigated so that the tour becomes a success. Risk Drivers Risk drivers are an important factor because they will determine if the event s are on track and whether the key objectives are being achieved (Davies 2014). The drivers in this case will address the following factors: Whether the objectives set for the tour event are realistic and achievable Whether the plan for carrying out the tour is efficient If tasks and activities have been done effectively and efficiently The tour event complies with all relevant policies, laws, and regulations The event s company has the capacity and capability to manage the tour event for the jazz group The systems which are in place will effectively support the tour There are enough human resources to ensure the tour event goes on smoothly The risk drivers for the tour event are: Costs The costs of the whole tour event has to be considered Project Schedule The schedule has to be realistic and achievable Project Perfomance The project must perform according to the standards which have been set (Burke 2013) Governance The leadership has to behave responsibly so that the project succeeds Strategy Strategy planning has to be according to the tour objectives Operations Processes and procedures of the event management company have to be considered Market- The company has to consider its competitors who offer similar services Legal All legal policies must be taken into consideration especially due to the fact that it is a tour External Hazards-Weather and terrain have to be considered The above risk drivers have risks associated with them and they are listed in the table below with their probability, impact and mitigation strategies. Risk Drivers Actual Risks Measurement Impact (High, Medium or Low) Probability 1-5 minimal 6-12 moderate 15-20 serious 21-25 critical Risk Mitigation Strategies Costs Inadequate Financing for tour Unforeseen costs Have extra project funds High Critical Project Fund and Insurance Project Schedule Slippages hence causing longer tour dates Number of extra days tour takes Medium Serious Have Gantt Chart Involve all stakeholders in project schedule Project performance Lack of crowd turn-up for concerts Ticket sales below par due to pricing Performers not turning up Undersold Tickets High ticket prices High Critical Ticketing survey beforehand Cost effective ticket pricing Governance Reputational risk if company does not perform as required Restrictive legislation in some areas where tour is meant to occur Poor sound, lighting, ambience Shorter tour hours Medium Serious Have pre-practice sessions to see if equipment is okay Know legislation of different areas with regards to band touring Strategy Disappointment by some suppliers Over or Under estimating crowd turn ups Shoddy work, unhappy band members Too little or too many people Medium Moderate Prior planning by proper advertising and finding out about jazz lovers in different areas Hyping the event Operations Late procurement of required equipment Delays in processes like venue booking Performance Delays Setup Delays Loss of venues Medium Critical Early procurement planning Assignment of tasks to specific people Market Competition booking spots intended for the jazz band tour due to booking delays Not studying the market for jazz music lovers well Venue Loss Few fans turning up Low Strong Benchmark and advertise Book early Legal Contract risks if events company underperforms Copyright Infringement Claims by other musicians Loss of future business Medium Strong Ensure all legal procedures are followed in case some of the music will be borrowed Ensure high performing organization by training employees well and motivating them hence they will handle musicians well External Hazards Risk of bad weather or other natural hazards which can interrupt the tour Venue closedowns Lack of travelling Cancellations Low Strong Ensure dates are checked, weather for areas where tour will be held is checked, any hazards are taken seriously It is very important that the events management company identifies any risks that may affect the tour of the jazz band beforehand. His will give the company an overview of what might make the project fail to succeed and they can come up with the relevant solutions on time (Davies 2014). When handling music bands the company has to be very careful as it is very easy to suffer reputational risk due to a failed project. It is therefore important that the events management company have a risk committee for the project. The role of the risk committee will be to look at the project holistically and identify potential risks. They also assess the impact that the particular risk may cause and then suggest possible solutions. This will help the company to think of risks before they occur. They will also take into consideration very many factors before project implementation (Burke 2013). It is key that at every stage of the tour project, risks are identified and mitigated. Risks keep changing all the time hence a risk today may not be a risk tomorrow and vice versa. The tour event company has high probability of having a very successful tour due to the risk identification exercise. The company will maintain a risk register which will be continuously updated and will be critical in helping the organization make the right strategic moves that will ensure the companys event organizing activities are always a success. Identification of risk drivers is an important exercise that all organizations must aim to undertake if they wish to succeed in strategy. It will save the company millions of money that would have been used trying to mend mistakes once they have already taken place. References Burke, R., 2013. Project management: planning and control techniques.New Jersey, USA. Davies, J.C., 2014.Comparing environmental risks: tools for setting government priorities. Routledge.