Risk Management For Football Team Participating In 2018 World Cup

Aim and success criteria for project

Risk management is a process where the business enterprise goes ton identifying the risk and its impact on the organizational activities. The main purpose behind risk management is to assure that the uncertainty does not impact the endeavor from organizational goals (Shin and Bruno, 2015). Risk can occur through different sources that can be natural disaster, credit risk, uncertainty in financial markets, accidents as well as legal failures etc. Risk can place negative or positive impact over the business organisation. The following report will be based on managing the risk of a Football team that is going to participate in the 2018 Football world Cup to represent Argentina. The world cup is going to be held in Russia from 14th June to 15th August 2018. Players of this Argentina might face various kinds of risks (Kock and Teller, 2013). Data collection part is defined as under part 1 of the report. Aim and success criteria for project, risk appetite and tolerance, risk breakdown structure, risk probabilities, risk consequences, risk severity matrix, risk responses strategy, risk register are some of the points that are to be considered in this report in regard of the respective football team.

Risk management is a process that includes determination, measurement, and also treats its liability, property, personnel expenses as well as incomes. Its ultimate objective is to preserve human and physical assets for the continuous success of the football association. Over here the general purpose if to deliver efficient services in regard to the football association and the players and to protect them from certain risk. So for achieving these objectives the risk managers are required to delegate various risk management functions and responsibilities.

The aim or purpose behind this project is of managing the risk on behalf of the football teams going for 2018 world cup in Russia. Being a risk manger following success criteria will be used to protect the team from various risk discussed earlier in data collection (part1). Health & fitness, psychological, coach related risk, international media, news, practical aspects, environmental as well as financial are the various risk discussed in first part (Lu, Naderpour and Zhang, 2014).

Over here the risk manager is required to prepare criteria for managing various risks. In order to form successful criteria the manger has to go the process of identifying, analyzing, assessing, communicating etc. in advance can help in preparing a framework in order to control the risk associated with the respective football team (Kacan and et.al., 2014). However, successful implementation required systematic as well as consistent methods of risk management to mitigate each type of risk. For managing the risk the manger is required to follow some standards and ethics.

The aim behind risk management is to identify the range of risk associated with the Argentina football team. Also it assists in determining and report potential risks. Later helps in identifying the magnitude of risk. After all these that I as a risk manager is required develop register where I can prioritize, develop as well as implement the ongoing plans and strategies from addressing the risk (Greenspan, 2014). Another object is to promote risk management practices in regard of the team and educate then on goof risk management practices. Also the objective is to minimize the insurance cost as well as maintaining the reputation of club. Being a risk manager of Argentina football team to carry certain steps in accordance with the risk management of the team.

Goals and objectives

First is risk identification- under this I have to prepare a register where I can mention the entire related risk that has been identified under the first part of the report. Various risk has been identified such as health & fitness, psychological, coach related risk, international media, news, practical aspects, environmental and financial risk (Isbister,  2013).

Second is risk assessment- under this I have to determine the probability of risk to be occur and what will be the consequences on the team. Proper playing surface, fences, goals, good trainers, regular medical checkups, hygiene practices, providing changing room facility  the players as well as availability of emergency facilities are some the safety measures to be taken to manage the risk (Smith, 2013). Operation safety are also to be taken care of which may include public viewing areas, scoreboard, parking facility, crowd security, food beverages facility etc. are also to be taken care of (Rizzi, 2015). Official and general safety like secure empire rooms, money handling, official valuable securities etc. safe operating procedures id required to be maintained by me in order to manger the various risk identified. Monitoring and reviewing is required to be done in order of reviewing the performances of risk management that might affect the team on annual basis. Also records on hazard identification, risk assessment, accident, player health etc. to be maintained (Lo, Khandani and Merton, 2013).

• The main reason behind carrying this risk management is to identify the risks that are can occur whiles the events. So it is important to determine those risks in advance so that further actions can be taken with in time being. So that such uncertainties could not affect performances of the football team players going for the world cup in Russia.  
• Another objective is of promoting the certain principles, which will further help in improving sportsmanship and lifestyle of the players.
• At last different activities are to be carried in order to achieve the above goals.

Deliverables

• Recording several risks with its consequences, reason of occurrence etc.
• Also will record relating details to the above recognized risks with their source.
• Risk mangers’ duty to implement the work within their risk management team.
• As they are required to bear risks.  
• Assuring the determining and managing the risks and inform the Team management.
• And in case if any new risks are recognized, they should be reported to the Management Team who will update table 1.

Risk appetite is the risk that might affect the performance or health of the team so it is required to be prepared in advance to pursue it and can measure the residual risk. It is important to implement the risk appetite properly in order to make it relevant for the football team. Risk appetite helps in creating a link between it and decisions making and having appropriate business metrics in order to measure risk. That’s where the risk tolerance comes into the picture where the risk appetite leads towards creating a link between decision making and measuring it in the regard of risk that the football team players may go through.

The scope of risk tolerance is narrow in comparison to the risk appetite. Every risk aspect can be taken as tolerance or a variety of risk acceptability to the risk manager for managing the respective football team. From the risk analysis as well as evaluation, managers can see both the assessed risk index for this factor in context of team development and also while targeting overall range for the residual risk index (Soorae and et.al., 2014). In order to define the risk tolerance, factor ranges are typically set by me as a risk manager for risk management. If the measured risk go beyond or is below the range set of tolerance, then the risk managers of the team are required to adjust prevention activities, procedures, controls to get within the set risk tolerance (Shin and Bruno, 2015).

Now in this the project risk is characterized into three segments.

1. First segment is of technical risk- In this team might have to go through various technical issues such as limited design time as well as specification adherence (Cavusgil and et.al., 2013).
2. Second segment is of organisation risk- This segment comprises various organizational risk that might place an impact over the performance of the team going for the world cup in 2018. Risk can be of financial that is lack of funding, prioritization and lack of resources (Hughey and Becken,  2013). In that case if the team players are not having proper dresses and other required resources than it will affect the performance. And so to mitigate these major actions are required to be taken by risk manager.
3. Third segment is of project management- where the project manager may get fail in assessing the risk within the time or it may affect the performance of team players due to non-effective scheduling as well as communication in the coming World Cup at Russia (Wang, Embrechts and Wang, 2015).

In this the risk manager analyzes the probability of risk to be occurred by the help of chart. There are 4 ways to identify the risk, free space calculation, boundary calculation, combines calculation with recursion or without recursion. In this project combines calculation, no recursion as in Football match only two teams are there and so the probability will be accordingly (Brechmann and Czado, 2013). One team will be entered as an attacker and one as a defender.

Deliverables

The chart present below allows to rate the potential risks into two dimensions:

• Effect– A risk always have an adverse impact on performances. And the size of effect differs in terms of cost and effect on the fitness of players life (Hughey and Becken, 2013).
• Probability– A risk is an incident that “might” arise in future. The chances of risk arising can be from 0 percent to 100 percent.

Once the risk is determined and consequences attached to it are finded out that it gets easier for the risk manager to prioritize the risk and create a most to least critical significant rankings. Rankings are done on the basis of critical features (Hoitash and Yezegel, 2013). Such risk are required to be considered first in the list as it assist the risk manager in managing the risk and determine the consequence those may arise with the occurrence of  event. Impact from every risk event is required to be measured. The assessment leads to know how the impact will cost, technical performance goals, schedule of the performing team. Impacts are not limited to the criteria; it may also comprise political and economic consequences which are also required to be considered by the risk managers of the respective team. Risk consequence generally involves the use of subjective valuation techniques that further leads to the direct assessment of probability through object methods (Kerzner, 2013).

A Risk Severity matrix can be used during the procedure of assessing risk for defining the numerous levels of risk. It is humble device that is used in order to enhance the visibility of risks and also to assist the risk managers of the football team in making decision (Clarke, Glendon and McKenna, 2016).

Whereas Standard risk matrices exist in diverse contexts whether it is individual or  organizational project both requires to make their own risk matrix as per there assessments (Meredith, Shafer and Mantel Jr, 2013).

For instance, the harm severity of the team members can be categorized into:

1. Critical –Several Severe Injuries or a death of team member
2. Catastrophic – Multiple number of Deaths
3. Marginal –Multiple Minor Injuries or a Severe Injury
4. Negligible – 1 Minor Injury

Now the probability of harm that may occur can be categorized as ‘Likely’, ‘Possible’, ‘Certain’, ‘Unlikely’ as well as ‘Rare’.

As a risk manager of the Argentina football team I am required to calculate various level of risk based on the happening of events (Salterio and Knechel, 2016). It could have been done by allowing the occurring of risk uncertainty contrary to the charge of implementing security as well as benefits that may arise cause of a particular event.

Risk response strategy is the way of evolving strategically choices and identifying the activities that are to be taken in order to enhance the level of opportunities as well as decline the level of threats (Uryasev  and Rockafellar, 2013). Being a Risk manager it’s my duty to answer for each and every risk. Following Method confirms that every risk requires a response from the side of mangers after observing the feedbacks. Although the manager might delegate the execution of a response to someone else (Risk response strategy, 2017).

After analyzing and determining various risk attached with project that I am required take action for improving the errors in favor of success of the respective assignment.  For removing fears and to take the lead of opportunities is not possible – however they are required to be documented in order to deliver the recognized awareness (Krohn and Aven, 2014). For the successful risk response the manger is required to make a change in the risk profile with the use of methods such as risk exposure.

A risk perspective can improve decision- Considering the risk prevention methodologies, it is essential for a risk manager to determine the effect of the decision over the team players and their performances. Now the effect arising out of following risks may make sense in short run however in long run risk are to be taken as a whole (Fostira and Tomiak, 2014). This can be better understood with the help of example; the influence arising due to the risk factors can further lead an impact over schedule of construction to a point where environmental work window needs the assignment to be postponed. This is essential for identifying the amount of affect over the decision of mangers (Gutteling, 2015). Direct cost involved in solving the unidentified situation is comparatively lesser that the cost of site visits.  Impact of changes can be a reason of delay in the accomplishment contract if not documented properly.

Risk appetite and tolerance

A Risk Register contains diverse range of items. In order to maintain the risk register the approval of PMBOK stands for Project Management Institute Body of Knowledge and PRINCE2 is required (Wynne, 2016). There are various alternatives that can be used as a risk register tools which involves comprehensive software suites to simple spreadsheets. However the success depends over the execution and the project culture of the respective team members (Llorens, Nalbandian and Klingner, 2015). Content of risk register includes a group of alike risk with the name as it makes it easier to discuss about it. The result might occur on the occurrence of the event rated on an integer scale which further include probability. The Risk Rating is the multiplication of Probability as well as Influence which is used as base to rank the risks (Gough and Glickman, 2013). Common extenuation steps are determined, Analyzed, Plan Response, Monitor as well as Control. The register can also be termed as qualitative if the probabilities are projected on the basis rank. Risk register is known as a “quantitative” both its impact as well as probability is put into numbers, such as a risk may place “$1m” impact and a “50%” probability. Liable response to the event occurred in order to mitigate the risk. Contingency other allocated budget in response to the contingent.  Last but not the least, triggers are the events that itself results in the risk event occurring (Ye and et.al., 2014).

Conclusion

Health and fitness, psychological, coaching related, international media, practical aspects, financial as well as environmental are following risk on which the data has been collected in part 1 of the report. Further the analysis is done in part 2 regarding this risk to find the alternatives to mitigate the danger at the time of occurrence of the event. Aims success criteria, risk appetite and tolerance, breakdown structure of risk, risk probability and consequences are few points considered in the report for determining or carrying an analysis of risk in respect of the football team in order to prevent any damage to the players.

Following are the primary and secondary recommendations in respect of the mitigation of risk which are to be considered being a risk manager to protect the team players.

Various risk has been determined in part 1 which are Health & fitness, psychological, coaching related problems, international media and news, practical aspects, financial as well as environmental risks.

1. Health and fitness- It majorly results into injuries or illness of the team members. This might occur with over practicing etc. In such case the risk management id required to take preventive measures before the team goes to play (Bodie, 2013).

Recommendation- the mangers should not allow the team players to do extra practice proper timing and food intake is to be taken care of.

1. Psychological risk- extra pressure may result into the metal illness of the players. Another reason is of mental pressure can be a inappropriate goals and objectives.

Recommendation- regarding these risks the risk management should guide the trainers not to put extra pressure on the players. And ensure that the goals objectives are clear to each and every team player.

1. Coaching related issues- Following risk generally occurs when the coach is in appropriate that is biased or does caste, age, color discrimination within the team. That further leads to the differences among the team players which is not good for the team.

Recommendation- As a risk manger I’m required to closely observe the activities of the coach and I found that the coach is inappropriate that I might take the decision of reallocating the coach or take serious action against him.

1. International media and news – Againthe news world today leads to create an extreme pressure on the team players. If they won match they are blessed by the respective nation but if they lose then they are criticized and sometimes people might place dame to player or its family.

Recommendation- This is external and cannot be completely stopped but yes while or during the match the managers should keep the [players away from these sources so that pressure does come on them

1. Practical Aspect –It refers to the situation like adverse food or unsuitable food availabilities for the team players.

Risk breakdown structure

Recommendation- In that case risk managers are required to prior take care of the food items and carry with them while travelling to Russia so that there team members should not go with the starving issues.

1. Environmental – This is again a major risk that might affect the health of the players. As different places have their own sets of climate and players might get affected with the change in climate (Kock and Teller, 2013).

Recommendation- Although these are not in control of the risk management but still need to take some pills and medication with them so that if any problem arises at the sport action could be taken.

1. Financial- Unviability of funds might lead to the situation where there are less equipment’s for the players. This result to effect the players performances.

Recommendation- in order to avoid such situations the risk managers are required to maintain a separate fund regarding equipment’s and other important sources. So that it can be utilized at the time of unviability of funds to purchase the football equipment’s.

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Risk response strategy. 2017. [online] available through: <https://www.google.co.in/url?sa=t&rct=j&q=&edata-src=s&source=web&cd=13&cad=rja&uact=8&ved=0ahukewivhssfndltahwcacakhsv1dz4qfghmmaw&url=http%3a%2f%2fwww.dot.state.mn.us%2fpm%2fdocuments%2fguidance%2frisk-response2.docx&usg=afqjcnfvjks-z5ikfk8q9ghh39-eqbsnvq&sig2=rsir7dp1258ha4-bpbxmqw>. [assessed on 2^nd may 2017]