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.

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 company’s 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.