Evaluating and Implementing Risk Management †MyAssignmenthelp.com

Question: Discuss about the Evaluating and Implementing Risk Management. Answer: Introduction: The Rhyme Reason Music festival is one of its kind and for all the ages. Its a not for profit music festival which has the sole purpose of raising funds for the musicians and some of its causes the stakeholders are supporting. Its an absolutely gala affair spread across the city of Melbourne and Melbourne exhibition centre. The venue has a total capacity of 10,000 odd individuals and the entire venue is divided into 6 parts including the main stage, food stalls, infusion stage, park the market. In the essay we will focus on assessing the risk associated with organising of such extravagant events. Risk Management: It can be understood as forecasting and evaluation of risks attached before commencement of any business activity/event/ start of an operation (Haimes, 2015). As part of a great event planning, process hazards have to be identified and risks have to be assessed and controlled in order to minimize the potential for injury or harm (Rausand ,2013) For the purpose of the Musical event Rhyme Reason some of the possible risk assessment factors can be: Crowd rush: As mentioned above, the Melbourne exhibition centre has a total capacity of 10,000 PAX which is the max, but looking at the type of event, and the artist associated and the promotions, marketing sponsorships the event has gotten itself into, there is bound to be more crowd gathering than the expected. Hence, necessary steps have to be taken to control the crowd, the same can be achieved by: Locking the venue 2 hour after the event commences, putting necessary barricades to control the crowd, getting security personal to manage the crowd and also to prevent any chances of stampede. Fire: The festival will have a lot of electrical equipment, hence necessary safety has to be taken care of, and getting a fire brigade outside the venue with a separate exit would help in the risk mitigation. Technical failure: It is no surprise that, electrical equipment do have chances of power failure or some other technical failure, hence genets and plan B should be kept ready for such situations, also , a day prior a full-fledged dry run would be of great help. Financial Risk: Planning of such big events have a major costs attached to them ,in order to foresee the expenses not going out of hand or the budget allocated to exceed, a separate team has to be made to control only the finance and raise the alarm to the committee, in case the expenses is crossing the line(Hopkin, 2017) Medical assistance: A medical ambulance to be parked at the entrance of venue, to take care of any medical emergency. Equipment Truss safety: The truss, which holds all the heavy equipment, in itself is very heavy, hence an in ground basement team is a must and should to establish the sturdiness of the truss and other heavy equipments which are hanging(Li, 2014) Wiring insulation: Special efforts have to be made to take care of proper insulation of wiring in order to prevent from any damage to an individual. Conclusion: A well layered structures plan of the event can help in assessment of the probable risk associated with the event. All the points mentioned above have covered all of the possible grounds where the risk of things going out of the place is present, keeping in mind, the above mentioned points can reduce the chances of risk to almost zero. References: Haimes, Y.Y 2015, Risk modeling, assessment, and management, John Wiley Sons. Hopkin, P 2017, Fundamentals of risk management: understanding, evaluating and implementing effective risk management, Kogan Page Publishers. Li, W 2014, Risk assessment of power systems: models, methods, and applications, John Wiley Sons. Rausand, M 2013, Risk assessment: theory, methods, and applications (Vol. 115), John Wiley Sons.