MAN6301 Project Risk Management Assignment Sample

• Subject Code : MAN6301
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• Subject Name : Project Risk Management

Risk Management of The Australian National Athletics Team for The Tokyo Olympics 2020

Executive Summary

This report is developed to summarise the risks that might affect the Australian national athletics team for the Tokyo Olympics 2020 for achieving their goals which will be held in Japan. It shows the analysis and some of the recommendations that can be used for the meeting of the objective. The report summarises the risks that may occur at the time of the games which can affect the success rate in the achievement of the objectives for the athletes. The actual base of the report is the risk management analysis, its strategies, its structure, its breakdown structure, response strategies, and many more. The content is shown in the appendices.

The report focuses on the risk management of the project and its different aspects. The constraints in the development of the project are discussed in the report. For example, the health risk impacts the performance of the athlete in the games of the Olympics.

The limitations of the project are discussed in the report that can be impactful on the goal of the report. Some of the recommendations are also included in the report which is very simple and easy to implement. The athletes needed to work on the recommendations for reducing the risk factor in their games. Moreover, the risk mitigation strategies are also discussed and appear in the appendices of the report.

Table of Contents

Executive summary.

Background.

Analysis.

Aim and Success criteria for project

Risk appetite and tolerance.

Risk breakdown structure.

Risk probabilities.

Risk consequences.

Risk Severity Matrix.

Risk Response Strategy.

Risk Register

Recommendations.

Limitations.

References.

Background

Olympic Games are the most elite venue for the athletes to compete with the other professional players for global recognition and respect for their native countries. The Olympics 2020 is the best chance for Australian athletes to reach at the global level to achieve worldwide success. There can be different risks in the Australian athlete's Olympic 2020 which can affect the success of the athletes. The project aims to analyze the risks in sending the Australian National Athletics Team to the Olympic Games in Tokyo 2020 (Zou, et. al., 2017). Different kinds of risks can appear for the athletes like mental risks, financial risks, health risks, media risks, etc. this report will discuss the risk analysis, strategies, responses, probabilities, and recommendations of the project. These issues or risks will be resolved during the project development of the Australian national athletics team going to the Olympic Games in Tokyo 2020.

Analysis

Aim and Success Criteria for Project

The report aims to identify the risks in the Australian national athletics team going for participation in the Tokyo Olympics 2020 for achieving their goals and objectives. The report analyses the risks in the objectives of the athletes for the Olympic Games and uses the qualitative approach for the same (Zhang, 2016). There are different aspects that the report discusses and its aim is the risk analysis using the qualitative approach. This will help in the success of the aim of the project. This analysis will be the aim of the project.

The success criteria of the report are the suitable analysis of the different kinds of risks that may appear during the Australian national team for athletics in the Olympic Games of Tokyo 2020. There can be different kinds of risks which needed to be analyzed using the qualitative approach and then suggest some recommendation for team which needs to be monitored by team associates to attain the targeted goals and purposes (Yim, et. al., 2015). This is defined as the success criteria for the report in the detailed analysis of the risks that will be done and the goals and objectives of the Australian national athletics team will achieve.

Risk Appetite and Tolerance

Risk appetite is level of risk that any project can handle and is prepared for its acceptance. This is the measure of the risk which an organization can control in order to be ineffective for the objectives and the goals of the company. This represents the balance between the possible assistances of the innovation and the fears, which alteration unavoidably carries for the project. The different risks which occur for the Australian national athletics team which is going to participate in the Olympics in Tokyo 2020 can be handled by the Australian sports committee. Some of the risks which come under the risk appetite are the health risks, media risks, and the ethical risks which can be handled or the organization of the sports committee (Willumsen, et. al., 2019).

These risks harm the goals and the objectives of the project manager which can be handled by using some simple and easy to implement measures. These risks come under the category for the risks appetite in the Australian national athletics team for the Olympics Tokyo 2020. These are the risks that the organization is willing to take because of the low impact on the aims of the project manager. For example in the case of the Australian sports committee, they will be willing to take the health risks for the athletes going to the Olympics but they will be unwilling for the financial risks which are very hard to manage and overcome. Thus these risks are manageable and willing to take for the organization in any case.

Risk tolerance is the level of the risk in the project where manager can handle functions and operations. It is different from the risk appetite as the risk appetite is the capacity of handling the risk for the whole project not as per individual risk analysis. In this case for the Australian sports committee, risk tolerance can be the risk for the individual athletes which can be the health risks, ethical risks, and practical risks (Yim, et. al., 2015). These risks in risk tolerance can be handled by the project manager of the sports committee as per individual. If anyone athlete suffers from the health issues in the tour to the Tokyo for Olympics 2020, the Australian national team of athletics. The project manager can tolerate this level of risk if it is on an individual level.

If this appears on the group level or large level then it will be considered as the risk appetite of the project. Just like this, the financial risks of the individual level can be handled by the PM for the Olympics games that will be held in the Tokyo of Japan (Zou, et. al., 2017). These are the risk tolerance which can be controlled or faced by the Australian sports committee which is responsible for the sending of the Australian national athletics team to Olympics game in Tokyo. Thus the risk tolerance is the term used in the tolerance capacity of the organization on the individual level which will not be able to greatly impact the goals and objectives of the team.

Risk Breakdown Structure

It is defined as a hierarchical structure and framework of desired sources of risk of a project. This is a hierarchical presentation of all the identified risks that are occurring in project management. It starts from a higher level and going towards the finer level of risk. This is also the same as the company of the work breakdown structure (WBS). The major risk administration procedure is to identify and recognize the issues in order to enable the risks to be understood clearly and manage them effectively (Roghanian, et. al., 2015). Its main stages are connected to identifying the risks with their management understand. However, the area in which the project manager gets minimum assistance from existing guidelines and practice standards.

The main of this project is to analyze the risk which arises in the involvement of the Australian National Athletics Team in the Tokyo Olympic Games 2020. Along with this, the report helps in discussed how to eliminate all the risks which create issues in the project management for the same. Olympic Games provide a specific location for athletics to complete their practices and gain respect for the nation through their hard work (Sun, et. al., 2015). Various risks create a negative impact on the games and generate difficulty in front of Olympic organizers. For this, they are developing a Risk Breakdown Structure through which they can easily analyze the various types of risk that may create a negative influence on the Australian Olympic Games authority.

Along with this, there is various risks which is described in the structure which is given below and it explains different risks which are faced by Australian Olympic athletic team and its members. For them, the government needs to develop effective strategies and tactics which provide accurate services and eliminate all these issues that arise and create problems for them. it is necessary to Australian authority is to manage all the risks that are generated complexities in their games and by this, they do not effectively concentrate on such issues correctly. in the project administration, the RBS helps project executer is to manage and maintain the whole risk and take the back the project to its actual progress (Toth, et. al., 2016). The most essential technique for managing issues is the RBS framework and it assists in organizing all risks effectively.

This is required for a project manager is to focus on arranging various risk factors which can create negative impacts on the operations and activities in an effective way. This helps analyze the focus of risks in certain categories and dependencies among issues that occur in the project conducted (Paquin, et. al., 2016). The project manager needs to monitor and evaluate the risk mitigation procedure at the time of smoothly operating all functions correctly. This helps in concern of the Olympic Games which are conducted in Tokyo and PM's main motive is to manage different operations related to such in a better way.

Figure 1: Risk Breakdown Structure

Risk Probabilities

Risk probability is the chance of the occurrence of the risk in project. The occurrence of the risk is the risk probability in which there is some chance for some particular risk can arise in the situation. The analysis of the risk is based on the two-stage assessment process in which the probability and the consequences are the events that identify the risk occurrence and impact the goals and aims of the project (Newton, 2015). The level of risk can be determined by the combination of the probability of the risk and the impact of the risk.

In this case, the Australian sports committee will look for the probability of the risk occurring in the events which are highly prone to risk occurrence. This can be analyzed with the help of the qualitative approach of the risk analyses. The probability of the risks in the athletics team can be found out by keeping an eye on the risk zone area. Like the health risks can arise if there is a lack in the hygiene of the accommodation, lack of nutrients in the food, or the injuries.

The risk probability can be reduced after the analysis of these risk zone areas which are highly prone to the health risk of the athletes then the food, hygiene, and injuries should be the focus of the project to reduce the probability of the occurrence of the risks. This will help in the reduction of the risk probability which will impact the level of success in the Olympics games of Tokyo (Liu, et. al., 2015). The identification of the risk-prone areas will be done with the qualitative analysis of the risks in the Australian national athletics team which will attend the Tokyo Olympics in 2020. The probability of the other risks can also be identified by the qualitative analysis of the risk appearance. The ethical risks can occur if the athletes are disappointed with their body structure then they start taking drugs for the fast changes to appear in their body. This is called doping in sports terms when the athlete takes drugs for the transformation of the body. Doping is illegal and also badly affects the health of the athlete.

The doping can be reduced if the team members and the mentors of the athlete guide them properly. This way the doping can be identified and major steps can be taken from the analysis report of the risk probability prone areas (Lin, et. al., 2020). The risk probability is the major risk analysis which can be proved helpful in finding the probability of the risk occurring in the actions of the athletes. The impact of the risk probability can be dangerous for the team of athletes which will eventually affect their performance and the aim or objectives they had targeted for their achievements in the Tokyo Olympics 2020. This is a very important factor in the risk analysis. Thus the risk probability is the factor that influences the goals and objectives of the Australian national team of athletics for the Tokyo Olympics 2020.

Risk Consequences

The consequence is the outcome or the result of the event which will affect the objective of the project. The consequences are the outcome of the risk that has occurred in the project. In this case, there are different kinds of risks appeared in the Australian sports committee which will have different consequences based on the event and its impact on the objective. The health risks of the athletes will affect their performance and its consequence will be the loss of the team in the Olympics games. Just like this, the financial risks will affect the accommodation facilities, food facilities, and equipment facilities of the athletes (Klakegg, 2016). The consequence will be bad performance, health risks, and mental instability. The project manager has to suffer from every consequence of the different risks appears in the Olympics games. The risks can be identified with the help of the qualitative risk analysis process. The consequences are made less severe if the identification of the risks can be done on time.

The risk mitigation strategies can be used for less severe consequences of the Australian national team of athletes. The risk mitigation strategies will help in the reduction of the rate of consequences for the Australian athletics team members. The risk consequences are the direct result of the actions of the team members which will have a consequence on their performance in every manner. The financial risk will affect the lack of equipment, food, and accommodation, and many more effects (Khameneh, et. al., 2016).

The Australian national athletics team faces different risks like the health risk, financial risk, practical risk, ethical risk, media risks, etc these need to be handled properly so that the consequence of these risks will be minimum. These risks need to be analyzed first in order to understand the maximum level of consequence they can deliver. This can be done with the help of the qualitative analysis of the risks. This analysis will deeply show the different aspects of the risks in the Australian national athletics team. These aspects will show the level of consequences they can make.

This will help make strategies for resolving or at least mitigate these risks from the athletics Olympics phase. Thus the risk consequences are the major part of the risk management for the Australian national athletics team members (Karim, 2015). The consequences can have different aspects as it will depend on the occurrence of the risk and its timing. For instance, the doping risks can enhance the performance for a short period but the long term consequences will be severe. The athletes’ body will suffer from different kinds of diseases because of the side effects of the drugs used as the enhancer for the performance. The long term side effects can also get the athlete banned from appearing in the national or international games as a result of breaking the rules. Thus the risk consequences can be the aftershocks for the project manager if not handled correctly, for both the project and the team of athletes.

Risk Severity Matrix

It is that matrix that is mainly used at the time of analyzing and assessing risk and also outlines the level of risk by considering and determining the category of probability or likelihood against the category of consequences severity. It is one of the simple technique and method which assist in enhancing the visibility of risks and helps in managing decision for the welfare of the project. The Risk Matrix is also called as the Probability MATRIX. It is an effective method that helps in risk measurement and evaluation to consider the probability against the severity that is connected with the desired risks of the project of the Australian Athletics Team.

It is a visual presentation of the risk that is involved in a specific project and helps in business to develop solutions plans that assist them in reduces the issues in a better manner (Fernando, et. al., 2018). As per this, the Australian Athletics Team risk also eliminated with the use of Risk Matrix that assists them in showing the major risk area which needs to resolve initially and give priority to this area as well. With the assistance of this, they can easily deal and manage all risk factors that develop major issues in front of Australian Olympic authority team members and for this; they are focus on making a decision that is required.

In addition to this, there are various benefits of risk matrix in order to solve the issues that are faced by the Australian National Athletics Teams such as health, ethics, financial, media, mental factors, team operations, and practical aspects. These are some issues that are creating difficulty for such a team while conducting a project of Olympic Athletics games in Tokyo 2020. With the help of the risk matrix, they can easily properly resolve such risk factors. It assists in giving priority to such risks with the level of severity (Fang, et. al., 2015).

It also assists in examining the desired risks with minimal efforts and helps in improving the safety and security measures of an organization. This will assist in providing an overall view of the potential issues and risks faced by the project team members of Australia National Athletics. The risk severity matrix is an essential procedure for any project manager and it is required for the manager is to understand the whole risk related environment in order to generate a plan for managing and maintaining these risks. It aids in examine, identify, and mitigate the whole risk properly. It allows the project manager is to give priority to the most major risks that are Australian National Athletic team faces.

Risk Severity Matrix:

Risk Response Strategy

The risk response strategies are the strategies that will be used as a response to the occurrence of the risk or in advance for preventing the risk occurrence. The risk response strategies can be the planning for facing the risk and avoiding the consequences of the risk to protect the project from it. There are different kinds of strategies that can be used as a response to the risk occurrence. The strategies are to avoid risk, to reduce risk, to transfer risk, and to receive the risk. It is essential for the project manager is to maintain and manage risks actively to complete their project with the minimum obstacle (Fan, et. al., 2015).

Doing this helps in analyzing and identifying the risks at the starting of the project and also forms the effective strategies to organize them in a proper manner. For effective risk management, it is necessary to manage both forms of specific risks. However, project managers mainly concentrate on negative issues and also avoid managing positive risks. There are four types of risk response strategies that include Avoid, Transfer, Mitigate, and Accept. These are described as follows:

Accept – It is one of the best strategies which help in managing risks if there is an option accessible. In this, the Australian National Athletics team can avoid risk by altering the planning, timing, scheduling, and scope. This strategy is used when the risk is critically managed and the respective project does not want it to happen. For example, the Australian Olympic authority can announce the dates of games conducted. Therefore, they will not need to schedule activities during this period and they can move them to avoid clashing with the dates of games.

Mitigate – In order to mitigate response strategies, they are trying to reduce the probability of risk arising and identify the impact (Carvalho, et. al., 2015). The Australian National Athletics team is focused on mitigating the risk that occurs in a better manner. These risk response tactics only minimize the probability and its influence on the risk. After formulating the response there will be residential issues and it helps in examine and records it in the risk register for further monitoring and processing.

Transfer – This is the strategy that is used when they cannot maintain and manage the risk in project management. For instance, if the government has a lack of resource skills and abilities so they do not manage the risk. In this, the Australian government management of the risk is fully transferred to the third party. If such risk occurs then it will be their major roles and responsibility to manage it.

Escalate – This is another risk response strategy that is used when the Australia government has a lack of authority to manage the risk. They can also use the MO approach which helps them in order to manage all the risks that are arising and create major issues. Once they agree to organize the risk so their responsibility is to limiting to processing and monitoring it effectively. For example, the government is planning rules and regulations for managing the project of the Australian National Athletics Games (Cagliano, et. al., 2015). The project manager needs to deal and manage with all such issues which are beyond their capacity so they should focus on developing these strategies that assist in maintaining operations and activities.

Accept – In this response strategy, the project manager takes no action except to acknowledged it and accept the risk which occurs. This is that strategy is mainly used for non-critical risks and if all the efforts do not involve gaining benefit. This risk response strategy can help to deal with this risk that is described in this project.

Risk Register

It is that tool and method in risk management and project administration. The risk register includes all the data and information about every identified risk in the project. The main motive of this risk register is to analyze and record the whole information and details of all the risks that are recognized along with examining and plan for how such risks will be treated effectively. The risk register basically helps in recoding and kept the important data to identify the risk for the project. It is the documented response towards the risk that is involved in this project such as the health of athletics, mental factors, practical issues, financial, media, and ethics (Bannerman, 2015). The risk is related to activities and organization strategies that are recognized first then they are graded in regards to their probability of incidence and harshness. With the assistance of this, the Australian government can react and respond accordingly and work on properly minimizing the present issues.

Recommendations

Different kinds of recommendations can be used to manage the risks and the resources which can be used in the mitigation strategies of the risk in the Australian national athletics team which is going to participate in the Tokyo Olympics 2020. The first recommendation can be the determination of the broad risk oversight responsibility. The management is responsible for risk management and it the responsibility of the board in overseeing the processes of management. The Australian sports committee is responsible for the overseeing of the risks and takes appropriate actions in the mitigation process (Ayala-Cruz, 2016). The risks that can occur soon should be handled by the board of the sports committee.

The second recommendation for risk management is the enhancement of the risk intelligence. Risk intelligence is the process in which the organization prepares itself for all kinds and levels of risk management. The project manager needs to promote the risk transparency in the project which will help them in day to day decisions for the strategic goals and aims effectively. The decisions made by the project manager will impact the goals or objectives of the project. The Australian sports committee needs to be enhancing their risk intelligence for better decision making for the benefit of the athletes and the firm it. These can be done with better communication responsibility, developing a process for the lower-level employees in order to communicate the emerging risks in the project. 

Enhancement of the athletes’ performance can be the third recommendation for the improvement in the management of the risks occurring in the project. The Australian national athletics team should improve their performance criteria for success in all the major events of the Olympics games which will hold in Tokyo. The Australian team will need to focus on their collective objective for their country and as a team; they need to work on their weaknesses which can be a hurdle in their performance (Arashpour, et. al., 2017). This can help in the risk management process for the Australian team of athletics in which the performance is a must for the players. This will help in the achievement of their goals and aims.

Another recommendation is the determination of the risk appetite of the authority. It is the term that can be used in the risk handling capacity. The Australian national athletics team’s maximum level of handling the risk in the project is the risk appetite of the same which should be determined to the team members and the authorities of the project. This recommendation will help the government in the proper preparation for the handling of the risk that may appear. The team members of the athletes will also know the limits for the risks that can be managed by the authority which will stop them from making the decisions that can enhance the risk probability in the project.

Limitations

The limitations in the risk analysis done in the report are the events or processes which impact the completion of the task and affect the deadlines of the projects. In the risk analysis done for the Australian national athletics team which is going for the Tokyo Olympics 2020 is the lack of comprehensive data for the proper analysis of the risk occurrence in the organization, insufficient time for the risk analysis process which impact the effectiveness of the risk analysis and also affect the success rate of the athletes in Olympic games, lack of training of the athletes which directly influence the performance of the athletes in the Olympics and it will compromise the goals and objectives of the organization, and the lack of legal and moral constraints will also influence the deadline completion of the project.

These are the limitations for the risk analysis done for the athletes in Tokyo Olympics 2020 which will impact the performance and also the risk probability (Anca, et. al., 2015). These limitations need to be addressed by the organization in order to prepare the risk response strategies for the upcoming risks for the organization and the team members in the future.

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