Free Technology Expo Project Risk Essay Sample
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A risk is a probability of an occurrence, which may result in positive or negative effects. In preparation for any such occurrence, one must be able to identify the risk. He must be able to quantify the risk and prepare for the types of responses for both the negative and the positive possibilities (Chapman & Ward, 2003). In quantifying the risk, its impact and probability of its occurrence should be assessed. There are four ways of responding to risk. We can decide to avoid or transfer the risk. We can also mitigate the risk to lessen its impact or accept the risk. We only accept the risk if its effect is small and any effort against it seem counterproductive. Finally, we should be able to monitor and control the risk. Laying down a risk management plan will increase the chances of success.
In analyzing the risks, we are faced with as we organize a technology expo for companies to present their latest technologies. We identified three main categories of risks. These are the financial risks, risk to people and finally misinformation risk. Since the main objective of the expo is to let people know about upcoming technologies, hence buy products from the companies that will be engage in the presentations, the risks should be analyzed carefully. Analysis of financial constraints is prevents the cost of the project from shooting beyond the budget. The other risks are harm to the participants and misinformation about the companies involved. The cost of the event may shoot if there is no proper planning of activities that will take place in the event (Kendrick, 2009). The activities include advertisement, provision of lunch to the visitors, hiring of halls and electronic equipment such as projectors, screens and music system.
Risks, which may cause injury to the participants, are accidents, which may occur during the expo. This may be because of equipment on display falling hence causing injuring participants and faulty electric connections causing shock. The risk of misinformation can be about the expo or about the participating companies. This may result from failure of the exact venue, date and time of the event to be properly advertised (Alexandrou, 2011). The people who will come to the event may also be misinformed if the companies presenting in the expo are not legitimate.
Project risk assessment
After analyzing the risks, and putting them into categories. The next process is to identify the specific controls that will minimize the occurrence of each risk (Heldman, 2005). In order to mitigate the financial risks, there will be thorough planning of every activity that will take place in the event. Activities such as advertisement, provision of lunch to the visitors, hiring of halls and electronic equipment will be planned two months before the beginning of the event. In order to prevent injuries to the participants, participating companies will be required to sign an agreement that they will prioritize on safety of the participants. Since most companies deal with electronic and electrical devices, they will be asked to ensure that there are no naked wires, which might result in electrical shock the participants.
To prevent misinformation about the event, the exact venue, date and time of the event to will be properly advertised through newspapers, banners and billboards. The companies, which will be presenting their wares in the expo, will be evaluated in order to determine if the products they are selling are genuine (Turbit, 2011). This precaution will be taken so that the people who will visit the expo are provided with the right information. This is important not only for the public, but also for the reputation of the event's management committee.