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Summer Wedding Risk Management Project

Whether the word” wedding” brings back memories of joy or whether it was one the most stressful days of a person’s life, weddings bring with them special risks not always covered by the usual insurance or contract terms and policies. The challenge is to first identify the property, liability, vehicle, and contractual risks associated with a wedding and then to decide with the client the most effective way of treating each risk.

Acting as an event risk manager for a client at the time of a wedding can help reduce or eliminate many risks that potentially could cause serious financial loss to the family’s assets during a very stressful time in their lives.

Our client and some background information:

Roger and Mary Jane Peterson recently called you because their daughter Molly is getting married this summer. The Peterson family counts two (2) other siblings as well as grandparents that are paying for part of the ceremony. The groom has eight siblings plus parents coming from New York for the wedding. To simplify the transportation process, the rental of a 15-passenger van for the week they are to be here for the wedding is being arranged.

The wedding is to be held in late August 2023, at a friend’s luxurious cottage, with the entire ceremony being performed outside on a large deck overlooking the bay by a family friend who just happens to be a minister. The cottage is located by a lake North of Toronto within 10 kilometers of a charming town which has 2 small inns and a larger motel perfect for guest accommodations. They have planned for a 150-person wedding based on the invitation list that has been generated and would like to keep the cost under $35,000 considering that the location and the minister are free.

You are being contracted to produce a thorough risk analysis, produce a risk management plan, risk register, and provide recommendations to the Peterson’s on the higher score risks uncovered during your analysis. This is to be completed by (see deadline provided in DC Connect) for the wedding planning to proceed without disruptions.

You have decided to use the following risk management framework to support your efforts on this project.

Your first step is to determine what deliverables have been defined as part of the scope of the wedding. This will help you in determining how to proceed in identifying the risks. You decided to conduct a question/answer session with the bride and groom for this initial list.

The following list was a result of the Q&A with the bride and groom.

Deliverables for the Peterson’s wedding include:

• Guest list (150 guests identified)

• Budget (not to exceed $35,000)

• Invitations

• Venue has been provided free of charge by friends of the family

• Venue decorations

• Rental of chairs / tables / linens / dishes

• Caterer for dinner reception (sit down dinner w/service)

• Food and wine

• Bar service prior to / after dinner reception

• Entertainment

• Photographer

• Cake

• Flowers

• Wedding favors

• Travel plans for guests

• Transportation

• Accommodations for wedding party (6 individuals)

• Accommodations for family (4 parents, 2 grandparents)

• Minister’s accommodations (1)

• Minister will perform ceremony free of charge

• Wedding rings / bride dress / groom tuxedo are outside of this list

• Not responsible for the wedding party’s dresses / tuxedos (a style and colour scheme will be requested but it is the responsibility of the individual to procure an outfit)

For the purpose of this project, it will be VERY important to document every assumption that you will discuss and take into account for the wedding so that your planning for risk is complete and takes a wider view to cover the range of possibilities around the Peterson wedding.

Note: a requirement meeting with further details will be provided to guide your team through this process during our second week’s Q&A Session. It is important that you come prepared and ask questions as there is no rubric for this as you would experience in real life. It is up to the team to confirm the details and ensure that they have provided everything that was asked by the Sponsor. If necessary, a meeting with the family representative will take place with the team, upon request.

Definition of the Deliverables for this project:

1. Create a Risk Management Plan with the required risk framework diagram that will discuss your approach to running this project as well as include the other components of a valid risk management plan. The use of a template is highly recommended.

Components to be included:

• Approach based on your framework diagram, tailored step by step for the Project.

• A risk matrix properly configured needs to be explained and provided as reference in your risk management plan. This will be used to qualify your risks in the register.

• A Risk Breakdown Structure (RBS) linked to your risk register via a category column.

• A list of Stakeholders for the project.

• A list of who is responsible for each element of work on your team (RACI format)

• Documentation of Assumptions and Constraints for the Project.

Generate a Risk Register fully completed and including at least 40 risks.

• Please provide this list of risks in a risk register template. Note: Expectations are that you have at least 40 negative risks listed when you are done with this process.

• An effort should be made to identify at least two (2) opportunities on top of your 40 risks.

• Once identified provide for each risk an assessment of probability and impact supported by your matrix description in your risk management plan. Based on this assessment, you can then order or prioritize the risks in your register.

• Once all of the risks rated, you can produce a heat map showing the overall exposure for this project.

• As part of providing risk responses, please ensure that you include the strategy for each. Try as best you can to provide a variety of risk responses to cover all aspects of the risks for this project.

• Please complete your risk register with the pertinent information for each risk (ensure that all areas of the template have been completed). In total we are looking at a minimum of 8 columns of information: risk description, category, probability, impact, score, strategy, response and owner. Other columns can be added at your discretion.

In a separate document, please answer the following three (3) questions: (Please provide examples, samples and clear references when you are doing the research on these questions)

1. Once your risk register completed, you are asked to present your risk documentation to the Sponsor and other key Stakeholders for the Project. Before your presentation, the Sponsor requests that you discuss in further detail the top three (3) risks for your project including if there is a need for building any contingency around these risks. Please explain for those three (3) risks what should be your approach and what if any additional contingency will be requested to cover these risks. You will need to provide a quantifiable amount for each risk and a total for reserves.

2. Between 2020 and 2022, a lot of weddings have been canceled or postponed due to Covid19. It is normal to wonder if it will happen again. What would you recommend to the Petersons when they ask you to help them put in place some precautions in case this were to happen in August 2023? Please explain and provide examples.

3. We discussed in class the importance of having a proper risk framework to facilitate the work on any project. You have been provided a risk framework to work with on this assignment. Where do most frameworks come from? Would you say that the provided framework is suitable to this wedding project? If so, why? If not why? Please explain.

As part of the work for this project you will also need to submit the following:

• No later than 5 pm on date defined in DC Connect, a status report (template is provided).

• A presentation to the Sponsor upon delivery of the risk documentation to go over major items. The Team presentation will be done using Teams. Each team will pick a time in which to present and the sponsor will call them into Teams for a group chat.

• An evaluation at the end of the project of the Team performance (template is provided)

Grading for this project

This team project is worth 20 % of your overall class mark, and will be graded as follows:

• 25 % will be awarded for a complete Risk Management Plan as requested.

• 25 % will be awarded for a complete Risk Register as requested.

• 30 % (10 % x 3 questions) will be awarded for responding clearly, concisely, and completely to each of the questions.

• 2 % will be awarded for clearly stating your references for this assignment as well as providing examples to support your questions responses. References need to be linked in text with a table at end of document or page for summary.

• 8 % will be awarded for delivery of the presentation and assignment on time, showing creativity and care taken to the overall formatting (i.e. clean of grammatical errors, complete, use of template, fonts, colours…).

• 10 % for individual contribution and participation to the project. This mark will be awarded using the 360° Feedback Form where each team member assigns themselves and the other members with a mark for the work done. This mark is then translated into an overall % which is applied here.

Assignment is due on or before 11:30 pm on date provided for this semester in DC Connect.

Expectations for this project are that you belong to an established risk service dealing with a client.

Attention to detail, professionally formatted materials and presentation, making use of your imagination to win further contracts and building a reputation, will be rewarded.

One set of deliverables are to be provided by each Team in the assigned DC Connect folder. Only one set of material will be accepted for a Team.