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Managing and mitigating risk.

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Understand the definitions of risk from various viewpoints Explain the impact of risk at events examine The perception of risk amongst customers and their tolerances Understand culps 5 point risk framework DISCUSS The importance of creating a risk analysis and a risk matrix identify...

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  • November 23, 2021
  • 3
  • 2021/2022
  • Lecture notes
  • Iain earle
  • All classes
All documents for this subject (11)
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angieouya
Week 10: Managing and mitigating risk
• Understand the definitions of risk from various viewpoints

• Explain the impact of risk at events

• examine The perception of risk amongst customers and their tolerances

• Understand culps 5 point risk framework

• DISCUSS The importance of creating a risk analysis and a risk matrix

• identify the differences between mitigation, acceptance, transference and avoidance of risk.

• Examine case studies from real incidents AND IDENTIFY HOW THE RISKS COULD HAVE BEEN
MANAGED.

Risk: THE PROBABILITY THAT HAZARDS DEFINED AS ; OBJECTS, PROPERTIES OF SUBSTANCE,
PHENOMENA OR ACTIVITIES WILL CAUSE ADVERSE AFFECTS (HSE)

AN UNCERTAIN EVENT OR CONDITION THAT IF IT OCCURS, HAS A POSITIVE OR NEGATIVE EFFECT ON
A PROJECT OUTCOME. (SILVERS, 2008)

UNFAMILIAR SEQUENCES OR UNPLANNED OR UNEXPECTED SEQUENCES AND EITHER NOT VISIBLE
OR IMMEDIATELY COMPREHENSIBLE ( JOHANSEN ET AL, 2014)

WHAT IS RISK?

PROBABILITY OF OCCURRENCE

(CHANCE)

VS.

CONSEQUENCE OR SIZE OF LOSS

(IMPACT)

THIS CREATES A TENSION BETWEEN THE INHERENT RISKS FOUND AT EVENTS AND HOW MANAGERS
DEAL WITH THOSE RISKS.



-EMBOK states Risk as one of the key domains within Its’ taxonomy model for practitioners. Event
managers should understand; “HOW SIGNIFICANTLY LESS EXPENSIVE IT IS TO MANAGE RISK, THAN IT
IS TO DEAL WITH THE RISK AFTER AN INCIDENT HAS OCCURRED”. (Silvers, 2008)

-Why should risk be managed? Tarlow identifies two significant risk factors in events;

● The risk of negative occurrence on and off site.
● The negative publicity that comes from such an occurrence.

“RISK CRISES ARE A SOCIAL CANCER THAT EATS AWAY AT THE EVENT INDUSTRY”. Tarlow, 2002.

-The cost of failing to deal with risk before an incident occurs:

• Loss of revenue (Clear up operations, insurance, compensation, future sales)

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