Risk Management and Stakeholder Engagement in Organizing an Asian Food Asian Food Festival risk management at the University of Sussex
Question
Task: What are the key risks and stakeholder considerations involved in planning an Asian Food Asian Food Festival risk management at the University of Sussex, and how can they be managed to ensure project success?
Answer
Project Stakeholders
Food is a basic necessity for each person making it among the most popular business ideas among young entrepreneur. With the recent increase in demand for Asian food the business project theme shall be organizing a Asian Food Asian Food Festival risk management which shall be held at the University of Sussex.
The key stakeholders would be the University of Sussex staff and students, local businesses as well as the neighboring community. To maximize the success and attendance at the Asia food Asian Food Festival risk management a detailed communication plan shall be developed which covers all forms of media communication which will ensure the maximum number of people are informed regarding the food Asian Food Festival risk management.
The demand for Asia food is on the rise globally thus this theme and idea has been adopted to influence stakeholders as it is likely to attract investor attention due to the high number of consumers likely to attend the food Asian Food Festival risk management. This will help attract investors as well as increase turn over ad profits.
The core project team is made up of the TAJ, University of Sussex ad Chinese supermarket (UKCN). Each stakeholder will make a different contribution towards the food Asian Food Festival risk management with students playing the role of markets to maximize the number of customers and income generated from the project. This will also offer an important practical experience which will contribute towards their future understanding The project champion is Lorde, she has been selected due to her vast experience and knowledge related to business proposal analysis and planning (Lester, 2017).
She has also achieved converting over 1 million sales of previous projects making her the best candidate to spearhead the Asia food Asian Food Festival risk management at the University of Sussex
Risk Management
The food and beverage industry has been identified as beg among the highest demanded businesses globally but at the same time, the proposed idea also attracts major risks which require being understood so as for mitigation plans to be developed. Some major risks involved with the proposed business idea involve spoilage and lack of adequate consumers leading to low turnover and losses due to the proposed food Asian Food Festival risk management being held at the University of Sussex which is otherwise viewed as an educational situation.
This makes it important to develop effective communication plans which will utilize different forms of media which thus helping maximize the number of people receive the updates related to the food Asian Food Festival risk management being held at the university. This will increase the customers attending the Asian Food Festival risk management thus helping the organizers and stake holder’s surplus the proposed project breakeven point and generate profits from the project (Kenett & Raanan, 2011).
It’s also important for the organizers to develop an effective food preparation and plan which would cater to delivering -/+15% of the desired food quantity during the proposed Asian Food Festival risk management thus helping reduce the losses the project may incur with regard to food wastage. This will require careful analysis ad integral team and stakeholder communication to ensure the raw materials are viable to cater to the customer expectation but are only utilized when required to reduce the amount of food wastage.
Plan risk mitigation is also critical ad to achieve the best results the stakeholders will have to identify potential risk and utilize risk management ideas and tools to help reduce the types and severity of the risks. Understanding risks are the first and most important stage of risk management as it allows for the stakeholders to understand and as well as manage to impede risks which reduces the amount of risk the proposed businesses are likely to face.
Successful project management required for a detailed report to be prepared on both the risks and benefits linked to a proposed projects thus allowing the stakeholders to put I place the desires countermeasures to eliminate or reduce the risks linked to the project.
Refereces:
Kenett, R. S., & Raanan, Y. (2011). Operational Risk Management: A Practical Approach to Intelligent Data Analysis. John Wiley & Sons.
Lester, A. (2017). Project Management, Planning and Control: Managing Engineering, Construction and Manufacturing Projects to PMI, APM and BSI Standards. Cambridge: Butterworth-Heinemann.
