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Risk Assessment

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You are a project manager in the marketing department for a global investment management firm, LRH Financial. The company is launching a multi-million dollar TV and print marketing campaign, which will include sponsorship of major golf and basketball tournaments. You have been discussing the project with the VP of Marketing, Alana Shapiro. Alana just informed you that the company's vendor relationships have enabled them to make arrangements for Terrence Smith, a world-renowned golf champion, to be the company's spokesperson. The first golf tournament is being held ninety days from today. You will need to complete enough planning to begin work on the golf tournament marketing.

You have been involved with several projects that have had tight deadlines in the past. This one is slightly different in that it involves a celebrity figure with a demanding schedule. Plus, you are already working under very tight project deadlines.

This is a critical project for LRH, and you are honored (and a little nervous) to be the project manager. This project is part of a larger strategic initiative to reach new markets and grow the company's revenues over a three-year period. The budget for the project is clearly defined and seems to be adequate. Senior leadership is supportive of the project. However, they have not reached clarity or consensus around the specific scope and objectives of each portion of the campaign. While that will be worked out during the initial phase of the project, you need to move forward aggressively with the upcoming golf tournament.

You will need to carefully identify, monitor, and control the risks for this project to ensure that the marketing campaign can be released on schedule and within budget. Good luck!

Question:
One of the deliverables expected from the marketing vendors is a logo design that can be used as the basis for all signage, brochures, advertising, and giveaways. It will include a slogan, colors, fonts, and graphics. During your initial risk analysis, you identified several risks related to this deliverable?primarily around the vendor's ability to meet the given dates.
The vendor is on track to deliver the design options on time. This is just in time to meet the dates for the upcoming golf tournament sponsored by LRH.
Alana calls to inform you that she has some news with regard to the logo design. The VP of Community Outreach has taken an increased interest in this project. Because it is such a high profile project and involves the company's reputation, he would like to review the logo design and have input in the final determination. In your conversation with Alana, you identify a new risk?what if none of the designs are accepted by the VP of Community Outreach? Past experiences have taught you that this is a real possibility.
Alana has asked you to assess the risks and present her with some action plans within the next few days.
Go to the discussion board and describe your results of the risk analysis. Answer the following questions:
? What is impacted if this risk occurs? What is the extent of the impact?
? What can you do to eliminate the risk?
? What can you do to minimize the impact of the risk?
? What will your contingency plan be if the risk occurs?

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Solution Summary

What is impacted if this risk occurs? What is the extent of the impact?

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What is impacted if this risk occurs? What is the extent of the impact?

The primary impact of this risk will be on the schedule of the launch of the logo. If the existing designs are not approved, the vendor will need to rework on the design, which will cause considerable loss of time. Further, the company will incure financial losses as well because the vendor might charge extra for reworking on the designs. Thus, the extent of the impact will be on the schedule and budget in such a manner that it will ...

Solution provided by:
Sandeep Bardia, MBA
Education
  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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