Identify Potential Risks Associated With This Project ✓ Solved
Identify potential risks associated with this project. Try to
Case Study Assignment Instructions:
Please read Case 7.1 “Alaska Fly-Fishing Expedition” from Chapter 7 “Managing Risk” given in your textbook – Project Management: The Managerial Process 8th edition by Larson and Gray. Answer the following questions with 500 Words:
- Identify potential risks associated with this project. Try to come up with at least five different risks.
- Use a risk assessment form similar to Figure 7.6 to analyze identified risks.
- Develop a risk response matrix similar to Figure 7.8 to outline how you would deal with each of the risks.
Paper For Above Instructions
The Alaska Fly-Fishing Expedition organized by Great Alaska Adventures (GAA) presents various risks that need to be identified, assessed, and managed effectively. Understanding these risks is crucial to ensuring a successful expedition for BlueNote, Inc.'s management team. Below are five potential risks associated with the project, an analysis using a risk assessment form, and a risk response matrix to outline how to address these risks.
1. Identification of Potential Risks
The following are five distinct risks associated with the Alaska Fly-Fishing Expedition:
- Weather Conditions: Unpredictable weather in Alaska may lead to unfavorable conditions, including heavy rain or strong winds that could disrupt the fishing experience and endanger participants.
- Equipment Failure: There is a risk of failure of fishing equipment or transportation vessels such as drift boats, which can cause delays and affect the safety of the guests.
- Guest Health and Safety: Guests may face health-related emergencies or injuries while participating in activities, such as fishing or boating, necessitating immediate medical response.
- Regulatory Compliance: Non-compliance with local fishing regulations or failure to secure necessary permits could lead to fines or cancellation of the expedition.
- Wildlife Encounters: The possibility of encounters with wildlife, such as bears or other animals, poses a safety risk to guests and guides.
2. Risk Assessment
To systematically analyze these risks, we will use a risk assessment form (similar to Figure 7.6) that categorizes risks based on their likelihood of occurrence and potential impact.
| Risk | Likelihood (1-5) | Impact (1-5) | Risk Score (Likelihood x Impact) |
|---|---|---|---|
| Weather Conditions | 4 | 4 | 16 |
| Equipment Failure | 3 | 5 | 15 |
| Guest Health and Safety | 3 | 5 | 15 |
| Regulatory Compliance | 2 | 4 | 8 |
| Wildlife Encounters | 3 | 4 | 12 |
3. Risk Response Matrix
In response to the identified risks, the following risk response matrix (similar to Figure 7.8) outlines mitigation strategies:
| Risk | Response Strategy | Action Plan |
|---|---|---|
| Weather Conditions | Mitigate | Monitor forecasts closely and have contingency plans, such as alternate activities or indoor accommodations. |
| Equipment Failure | Prevent | Conduct pre-trip checks on all equipment and ensure backups are available. |
| Guest Health and Safety | Prepare | Provide health and safety briefings and ensure first aid kits are available with trained personnel. |
| Regulatory Compliance | Ensure | Verify all permits are acquired and comply with local fishing regulations before the expedition. |
| Wildlife Encounters | Educate | Provide training for guests and guides on how to safely interact with or avoid wildlife. |
Conclusion
Effective risk management is crucial for the success of the Alaska Fly-Fishing Expedition. By identifying potential risks, assessing their likelihood and impact, and developing tailored responses, GAA can ensure a thrilling and safe experience for BlueNote, Inc.'s management team. Continuous monitoring and flexibility in response strategies will further enhance the project's resilience against unforeseen events.
References
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