Introduction

In this case study of James Cook University (JCU) Spring Concert, our task is to analyze the project and determine the risks associated with the project so that a risk management plan can be developed for the project in advance of the start of the project. After the identification of the strategic risks, a detailed strategic plan would be designed to manage all the risks faced by the concert and find the relevant solutions for a safe alternative to a concert for celebrating the entertainment holiday which is called the Hasta Weekend.

This is a spring event and during this event, the students of the JCU University house the boats and they engage in heavy partying and this usually takes place on the last weekend of May. JCU University has always recognized that risk management is an integral part of good management practices and the governance of the organization and this framework is also applicable at all the levels of the management levels within the framework of the JCU University. The organizational arrangements and the foundations at the JCU University have provided the arrangements for the review, monitoring, implementation and continually improving the risk management throughout the organization.

The objective of this project is to deliver an eight-hour project which is a concert that is scheduled at Wahoo Stadium and the cost of the concert is also limited. The second objective is to monitor and determine all the risks associated with this project in advance to the start of the project and to ensure that all the key business risks are identified properly and positive steps are taken to mitigate and control the risks that fall within the framework of Work health and safety that are required by PCBU.

JCU Spring Concert Harvard Case Solution & Analysis

Literature Review

Risk management is not a onetime process but it is an ongoing process of identification, assessment, treatment and the monitoring of the specific risks. The risk analysis model or the risk analysis framework could be applied to any level of the university that is the project, operational or the strategic level of the risk. Risk management is not only about limiting the risks of the organization but it is about recognizing and fully appreciating the risks to devise specific risk management plans and then balancing the rewards and the risks associated with the project(Chapman, 1997). The application of the proper risk management and risk analysis should:

Provide enough information to the heads of JCU University for making the right and informed decisions.
Helping the JCU University to maximize its opportunities.
Reducing the chances of unanticipated surprises.
Making sure that all the objectives of the JCU University would be achieved.
Reducing the likelihood of fatal accidents or any sort of illnesses during the conduct of all the activities of the project.
The confidence of all the members and the external stakeholders of the university is improved.
A good medium is provided to the University for ensuring the effective utilization of the resources of the organization.
Finally, it should help the University to meet the governance and the compliance requirements.................

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