Read the following scenario:

Dr. Bili Mattes, ishosting a campus event and she wants to ensure it is a completesuccess. Your group has been asked to manage risks associatedwith the planning for the event. The project team leader,Virat Kohli, is new to project management and has about 6 monthsto plan and execute the project. The budget for the entireproject is $20,000.

An outdoor site venue will be used for the event, which includesa live band for the entertainment. The finance departmenthas allocated funds, additional funding is needed (throughsponsorship of the event and by selling tickets) to meet thetotal cost burden of the event. Promoting the event will beimportant to raising funds.

The outdoor event site used must be returned in the condition itwas found. Security is also important as alcohol will beserved. Neighbors are already concerned about noise andvandalism.

Dr. Mattes has a risk neutral personality. She is theproject sponsor and has asked that $500 be used from the projectbudget to manage risks. The university has a culture ofrisk seeking (as evidenced by their recent decision to pursuee-Sports).

For this event, the senior management at HU has no tolerance (orappetite) for risks that can impact the project schedule."The schedule must be protected", Dr. Mattes stated, "because wecan't hold an event any later than the planned weekend."Senior management has high tolerance for risks that can impactthe project budget. "We've come through the challengingtimes of the early years and are now in great shape, particularlywith the high enrollment numbers of foreign students", said JoeDokes, Chief Financial Officer at HU.

For this 6-month long project, Dr. Mattes has asked for risk andother project status reports each month. These are low-keymeetings using the relevant elements of the risk register. Dr.Mattes is not familiar with the risk register, so it will beimportant for your group to spend some time explaining in the RMPhow to use it, and to provide examples of how to write a properrisk statement.

Based upon this scenario, complete the following task:

Prepare a 400-wordpaper discussing the process used to identify threats andopportunities, why it was chosen, and how it worked for yourgroup. Hint: Risk Identification is addressed in the PMBOK andCPM texts. At a minimum, groups should discuss and amplify uponthe tools and techniques included in Figure 11-6.