PROJECT: Setting up a local full (26.2 miles) and half (13.1 miles) marathon race

You have been assigned to a team of five members to discuss the project risks for this marathon race. Because this is the first time your organization has formally set up a risk team for a project like this, it is hoped that your team will develop a process that can be used on all future marathon races.

Your first team meeting is next Monday morning. Each team member has been asked to prepare for the meeting by developing, in as much detail as possible, an outline that describes how you believe the team should proceed in handling project risks. Each team member will hand out his or her proposed outline at the beginning of the meeting. Your outline should include but not be limited to the following information:

a. Team objectives.

b. Process for handling risk events.

c. Team activities.

d. Team outputs.

1- Risk should be properly evaluated and assessed by considering all those factors which are likely to occur during the execution of the project.All members of the team should be aware about the risks arising from the project.

2-Risk can be articulated as all likely or potential risks associated with the project which include internal and external factors like economic, political, social,legal and technological.

3-Project risk can be reduced by proper risk assessment and evaluation.

4-To mitigate the risk contingency fund should be sanctioned and management has to be brief properly about the fund and why this fund will be earmarked.

5-By applying proper techniques by giving weight to all attributes.

• Develop a common understanding of risk across multiple functions and business units so we can manage risk cost-effectively on an enterprise wide basis.

• Achieve a better understanding of risk for competitive advantage.

• Build safeguards against earnings-related surprises.

• Build and improve capabilities to respond effectively to low probability, critical, catastrophic risks.

• Achieve cost savings through better management of internal resources.

• Allocate capital more efficiently.