Developing A Risk Management Plan For The Talent Contest Project

Top Three Risks

Risk Management Plan is developed for the integration of the various risks of the project or program and analyzes them for the development of the specific operations of the project (McNeil, Frey & Embrechts, 2015). The development of the risk management plan would be helpful for dealing with the existing problems of the American Got Talent Event. The project would comprise of a number of activities like stage set up, lighting, sound system, budget, event schedule, and other activities. Hence, it is possible that there is scope for the generation of the issues in completion of the project. However, the use of risk management plan would be helpful for overcoming any issues with the development of the project operations. The implication of the project integration management would comprise of developing the effective risk management for overcoming the issues that might affect the project of American Got Talent Show (Caron, 2013). The following document would serve the purpose of investigation of the risk and development of mitigation strategies for minimizing the impact of the risk.

The top three risks for the project of American Got Talent are delay in program, technical issues in stage development, and safety issues of contestant. Apart from the top three risks, the other risks involved for the project of American Got Talent Show are cost over budget, lack of communication, inadequate information, slackness in development, inferior quality of materials, uneven distribution of responsibilities, and conflict among project team. These three issues would cause severe impact on the project of American Got Talent Show. The delay in program is raised when the actually scheduled program of the American Got Talent Show could not be started or completed as expected (Glendon, Clarke & McKenna, 2016). The situation might be resulted due to lack of proper planning or materials. The technical issue is very common. As the American Got Talent Show require the use of the lights, sound, camera, and other technological equipments, it is possible that the system would face the technical issues. The lights might not work properly, or the sounds would be hazy, or the power might go out. These were some of the technical issues in developing the stage of the American Got Talent Show. The safety issue is of primary concern for the American Got Talent Show as the show consists of many contestants and audiences. Even the slightest glitch in the stage would result in endangering the safety of thousands of the people.

The approach for the development of the risk management comprise of forming the specific development of the appropriate strategies. The risk management approach would be carried on by using the PDCA cycle (Hopkin, 2017). The PDCA cycle is the most appropriate method of implementing the risk management plan for the project of American Got Talent Show. The PDCA cycle consists of Plan, Do, Check, and Act phase. The plan phase is characterized by the development of a specific plan for the risk management approach. The risk management plan is developed by analysis of the impact of the risk factors. The do phase forms the development of the mitigation strategies of the risk management plan. The implication of the mitigation strategies would help in developing effective promotions for the American Got Talent Show and it would reduce the probability of occurrence of the risk (Chance & Brooks, 2015). The check phase would tend to analyze the impact of the risk mitigation strategies on the operations of the project of American Got Talent Show. The act phase tends to form the development of the risk management strategies and their implication for the project of American Got Talent Show.

Risk Management Approach

The risk identification for the project of American Got Talent Show can be done by following,

Data of Past Reports: The data of the past reports would serve the most credential risk identification method (Pritchard & PMP, 2014). The proper documents of the past projects would help in realizing the possible issues for the project of American Got Talent Show. The analysis would be helpful for sorting some of the probable risk and their mitigation strategies for the ongoing project of similar kind.

Experiences of the team members: The recruitment of the project team members have been done on the basis of their experiences and skills. The experienced project team members would serve the purpose of the identification of the various activities required for the project of American Got Talent Show. However, they would be accustomed to the probable

Risk Assessment Meetings: The risk assessment meetings are done for getting an overview of the progress of the project and identifying the glitches and issues of the project. These meetings would provide the affirmative risk factors that have impacted the project of American Got Talent Show and its progress.

The risk qualification for American Got Talent Show is done by analyzing the two characters of the risk factors and they are probability and impact. The probability is the analysis of the occurrence of the risk factor and it claims the development of the risk analysis (McNeil, Frey & Embrechts, 2015). The probability of the risk factor is measured in terms of the chances that the risk factor would happen surely or not (Lam, 2014). The probability analysis rates the risk factor in ‘almost certain’, ‘likely’, ‘possible’, ‘unlikely’, and ‘rare’. The impact analysis is done for realizing whether the risk factor would have high impact or low impact on the project operations. The impact analysis rates the risk factor in ‘very high’, ‘high’, ‘medium’, ‘medium low’, and ‘low’.

The prioritization of the risk factors for American Got Talent Show is done by giving values to the rating of the probability and impact analysis of the risk. The ratings ‘almost certain’, ‘likely’, ‘possible’, ‘unlikely’, and ‘rare’ and ‘very high’, ‘high’, ‘medium’, ‘medium low’, and ‘low’ each are given values from 5-1 respectively. The combined ratings of these two are used for finding out which of the risk factor should be given highest priority.  

The risk monitoring is done for the analysis of the risk factors and their impact on the project of American Got Talent Show. The monitoring of the risk factor would help in developing the appropriate strategies for reducing its impact on the project (Liu, Meng & Fellows, 2015). The monitoring of the risk is done for ensuring that the analysis of the project operations and the implication of the functions would be successful. The risk monitoring is done by analyzing the status of the risk, triggering factors for the risk, and documentation of the risk analysis.  

As opined by Teller, Kock and Gemunden (2014), the risk mitigation is done for the development of some strategies for mitigating the factors of the risk and form the analysis of the effective risk analysis and development. The risk mitigation is formed for the development of the effective strategies for mitigating the risk factors and reducing their impact on the project operations. The risk avoidance is done for avoiding the occurrence of the severe risk factors and protect the project of American Got Talent Show from blunders.

The risk mitigation strategies for American Got Talent Show are,

1. Use of proper scheduling methodology for the program
2. Hiring experienced IT experts for managing the technical activities and dealing with the issues
3. Development of health and safety strategy for the project of American Got Talent Show

Risk Register 

Caron, F. (2013). Project Risk Management. In Managing the Continuum: Certainty, Uncertainty, Unpredictability in Large Engineering Projects (pp. 67-74). Springer Milan.

Chance, D. M., & Brooks, R. (2015). Introduction to derivatives and risk management. Cengage Learning.

Glendon, A. I., Clarke, S., & McKenna, E. (2016). Human safety and risk management. Crc Press.

Hopkin, P. (2017). Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.

Lam, J. (2014). Enterprise risk management: from incentives to controls. John Wiley & Sons.

Liu, J., Meng, F., & Fellows, R. (2015). An exploratory study of understanding project risk management from the perspective of national culture. International Journal of Project Management, 33(3), 564-575.

McNeil, A. J., Frey, R., & Embrechts, P. (2015). Quantitative risk management: Concepts, techniques and tools. Princeton university press.

Phillips, J. (2013). PMP, Project Management Professional (Certification Study Guides). McGraw-Hill Osborne Media.

Pritchard, C. L., & PMP, P. R. (2014). Risk management: concepts and guidance. CRC Press.

Teller, J., Kock, A., & Gemünden, H. G. (2014). Risk management in project portfolios is more than managing project risks: A contingency perspective on risk management. Project Management Journal, 45(4), 67-80.

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