question archive Develop a project risk mitigation plan for your event planning business based on the following risk identified
Develop a project risk mitigation plan for your event planning business based on the following risk identified
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Develop a project risk mitigation plan for your event planning business based on the following risk identified.
1. Business
Risk 1. Market changes and trends will lead to competing with other event planning businesses.
Risk 2. Being a start-up, employees might not get paid at a higher rate or receive incentives and benefits that can encourage them to remain, unlike other event planning companies.
Risk 3. Availability of suppliers. This can harm the turn out of the event planned
Risk 4. Getting and retaining customer loyalty. For the business to flourish I have to constantly consider our competitive advantage to ensure our customers are satisfied enough to keep patronizing us.
Risk 5. Rent raises and other taxes could increase cash outflow. This could affect the cash flow of the business either making us go bankrupt or affect our quality.
2. Technical Risk 1. Technical difficulties during events presentations.
Risk 2. Glitches with websites and other social media forums.
3. Organizational
Risk 1. Duties and responsibilities of staff. Proper planning around events and segregating duties could affect the turn out of the event.
Risk 2. Lack of employee training. Employees are meant to be trained quarterly on how to properly ensure events are a success. Targeting larger events with prominent people could lead to gaining potential investors.
4. Project scope
Risk 1. Inability to meet quality expectations of a larger event. This could be due to the lack of an achievable plan or structure.
Risk 2. Inability to meet marketing expectations and discounts highlighted on websites.
5. Project schedule
Risk 1. The wrong estimation to meet resources available could affect the event turn out.
Risk 2. External constraints that might prolong larger events like location scheduling can risk the turn out of events.
6. Project cost
Risk 1. Underbudgeting or overbudgeting for events could affect the event.
Risk 2. Losing potential sponsors. This could end up affecting our creditworthiness or lead to a reduction in external funds.
Risk 3. Not properly covering estimates for the duration of events. Making improper estimations on how long the event should last can affect future location scheduling or an uprise in fees.
Risk 4. Ensuring expenses are not outweighing income. This is centered around proper budgeting and management.
7. Project Quality management
Risk 1. Providing substandard and downtrend designs. This could make clients consider other event planning services that would provide the quality they need.
Risk 2. Not meeting quality expectations which could lead to a refund and affect the business.
Risk 3. Poor workmanship from staffs and employees.
8. Project Resources
Risk 1. Project manager not properly segregating duties and responsibilities
Risk 2. Double booking on events. This could lead to losing potential clients as well
Risk 3. Understaffing for events due to poor management decision for planned events.
9. Project communication
Risk 1. Using multiple formats of communication for different clients.
Risk 2. Irregularities with updates and feedback
