I want to be first. Your team will help me with the initial risk assessment. What are
Question:
I want to be first. Your team will help me with the initial risk assessment. What are the chances that something goes terribly wrong or that I miss a great opportunity? Either way, what could it cost me? All considered, how should I respond?” Your mind races as you start to consider the possibilities. The team will not be able to complete an entire assessment after one meeting, but an initial brainstorming of the event’s risks and opportunities will reassure Carmine that she hired the right firm. As you focus on the conversation at hand, the team leader asks for some details. “Carmine, how will the event be set up? Will patrons buy tickets ahead of time? How will they be allowed in?” Carmine responds, “To limit access, the event will be fenced on all sides, except along the river. Patrons will get into the festival by swiping a prepurchased wristband with an embedded radio frequency identification (RFID) chip. I envision setting up most of the wine displays in rows leading down toward the river. Beneath the tents will be tables for the vendors to showcase their wines and seating for the patrons. To leverage the natural beauty of the river and create a special feel to the event, I’ll reserve some of the nicer wines to serve on riverboat tours. Since the boat will dock at the pier, I’ll place the food vendors nearby so that patrons can enjoy a snack while waiting.” “Speaking of vendors, how will patrons pay for things? How will they find a particular wine or vineyard?” asks the team leader. Carmine answers, “I’m working with a developer to create an event app tied to a special card that acts like a prepaid gift card. Patrons will use the app to load money on the card. Each time they sample a wine or purchase food, a swipe of the card will update the funds available. The app will also give patrons information about the wines and vineyards showcased at the festival, along with their locations.” Carmine looks at the members of your team. “OK, I think you can get started. Let’s plan to meet again in a few days and see what you’ve come up with.”
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren