Explore BrainMass

Explore BrainMass

    Risk Plan

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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!
    You had your meeting with the project sponsor and the stakeholders to discuss the project approach and to begin identifying risks. Your action item was to document the results of the meeting, creating the list of risks that the project faces. Using the case study write-up, create a spreadsheet that lists between fifteen and twenty risks you see based on what you currently know about the project. For each risk, provide a
    ? Short descriptive line item of the risk.
    ? Detailed description of your rationale for why this is a risk.
    ? Category (schedule, budget, strategy, people, quality, sponsorship, scope, etc.).
    Now you need to assess each risk and create action plans for the high priority risks. Then, you will compile all the information into a comprehensive risk management plan. The risk management plan should include a listing of all the risks with their risk scores (ordered by priority) and the associated action plans for the high-priority risks.
    1. Determine the high-priority risks that will require action plans.
    2. Create risk responses (reduce probability, reduce impact, and respond) for each of the high-priority risks. Include the following information for each risk:
    1. risk event
    2. probability
    3. rationale for probability
    4. impact
    5. rationale for impact
    6. next steps (describe what you need to do with this risk event-nothing, further analysis, or determine actions)
    3. Create a comprehensive risk management plan. The risk management plan should include the following:
    1. a description of the overall risk management approach
    2. a risk matrix using a qualitative ranking approach
    3. action plans for the high priority/high probability risks
    Be sure to address the following questions:

    © BrainMass Inc. brainmass.com October 9, 2019, 7:55 pm ad1c9bdddf


    Solution Preview

    STEP 1
    High priority risks: (From the spread sheet)
    No increase in LHR brand recognition; 20
    No increase in LHR sales:20
    Vendor demands more funds:10
    T. Smith cancels her contract 10
    T. Smith needs to be paid more: 10

    STEP 2
    Risk Responses:
    No increase in LHR brand recognition; 20, probability 0.2
    Rationale for probability:The high probability has been given because the case does not have any indication that there is a strong association between basketball/golf tournaments and financial services. It is likely that the person who attend the basketball tournaments may not have heard of LHR and may forget all about the LHR logo once they leave the match.
    The impact will be that the purpose of LHR will not be achieved. The rationale for impact is that the visitors to the golf tournament or the audience that watches the golf tournaments is not the potential customers that LHR is targeting.
    To reduce this risk we need to do a market research to determine the most cost effective way of increasing the brand awareness of LHR.

    No increase in LHR sales:20. Risk Probability 0.2
    Rationale for probability: There is no rationale given by Alana Shaprio why sponsoring golf and basketball tournaments will increase the sales of LHR. Usually sponsoring of sports events is related to products that are close to sports, for example Nike shoes. In such cases the target audience for the sports related goods and those who attend tournaments are the same. The case shows no evidence to support the contention that sponsoring basketball or golf tournaments will help target the potential customers of ...

    Solution Summary

    Risk Plan is discussed in great detail in this solution.