Essays on Risk Management - Risks in Marketing, Finance, and Administration Coursework

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The paper "Risk Management - Risks in Marketing, Finance, and Administration" is an engrossing example of coursework on management. Risk management is an essential mode of containing any given activity supposed mishaps through systematic and logical ways that seek to identify and analyze every step involved in its success. The case study at hand presents us a chance to analyze the risks involved in events organization citing the staging of the 200th anniversary of the Battle of Trafalgar and the death of Admiral Lord Nelson in 2005. The event, marked as important in the hearts of the British was heralded as to bring together large crowds among them dignitaries such as the queen, governmental leaders, and allies from around the world (Allen et al 2008, p.

611). The principal events included international fleet review where vessels from almost forty countries would be arraigned in the sea. There was also an air display of both military and commercial aircraft in addition to mega-scale lighting and pyrotechnic effects of tall ships. Again, the Royal Navy would honor the event using a 72-gun salute and finally a dinner party in the Her Majesty Ship used by napoleon.

In lieu of this, it was paramount that safety was enhanced from all dimensions and made a priority. In any event, whether small or grand it is important to manage risk as it is dynamic and the consequences may be dire. Risks identified in the case study The measure of risk can be evaluated by considering the likelihood and the consequence. The likelihood of risk is defined as the possibility or probability of its occurrence. If an event is prone to occur every day then its likelihood is rather certain.

On the other hand, the consequence is measured in terms of the losses that will be incurred. Human life is placed as the most expensive followed by a property in the descending order of their monetary value. Risk management entails the maximization of opportunities with the aim of achieving outputs with minimal or no risks. Before making any move, it is important to establish the goals. In this case, the objective was to commemorate the Battle of Trafalgar without any hitches.

The analysis of risks is vital in order to judge the areas in which safety measures should be emphasized (Tranter 2004, p. 43). There were many military vessels in a crowded place so the challenge was to find safe anchorage of the vessels. The heavy tides posed a danger on the ships and it was hard to maintain a security cordon. The likelihood of this risk was so minimal but the consequence would mean the destruction of highly valued property. It was also difficult to manage the arrival and departure of the large multitude of people without any form of ticketing.

They came in masses and sometimes it became rowdy. The potential risk would be people stumping down on each other, fighting, and suffocating. Again, it was hard to manage mass crowds that were lined at the seafront because some could have tripped in the sea with a potential risk of drowning. The management of the crowds was the most challenging because its likelihood was high and the consequence fatal. Moreover, the dinner at Her Majesty Ship would mean food needed to be served so there was a risk of poisoning if care was not taken.

The likelihood of this would be almost zero but if the risk turned real, there would be serious consequences. In lieu of this, it had to be identified as a potential risk worth checking. In addition, the safety crew had a potential risk of dealing with the effects of weather changes and the subsequent repercussions on mobile toilets, press, and provision of power. The Safety Work Group established by T200 was quick to dismiss the manager’ s suggestions as per the risk level.

They said that it is important to consider risks that have a higher likelihood of occurrence than those with higher consequences. In this particular event, the safety officers were keen on daily risks like suffocation and drowning rather than the danger of nuclear power used in the air display of weapons.

References

“200th Anniversary of the Battle of Trafalgar” in Allen J, O’Toole W, Harris R, & McDonnell I 2008 Festival and Special Event Management 4ed. Wiley, Austarlia, pp. 612-617.

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