Risk Management at the Llondon 2012 Olympics Essays

Introduction and Background Introduction The objective of this paper is to define and analyse what risks management was carried out during the London Olympic Games, aspects of risk management such as how risks were identified, the type of risk analysis that was carried out, the risk responses opted in order to minimise threats, and how risks were monitored and controlled will be analysed further. After obtaining this information, a comparison with other Olympic Games will be analysed in order to learn what they did right, wrong, and how they managed risks. The comparison will be made to support recommendations on how The London Olympic games could have managed risks more effectively. Background The Olympic Games are one of the†¦show more content†¦The London Olympics had a total workforce of 200,000 people from whom 6,000 were staff, 70,000 volunteers and 100,000 contractors (International Olympic Committee (IOC), 2013). Knowledge area Risk management Risk management is used in a project in order to identify potential risks that can somehow affect its objectives. Risks can occur at any time and at any stage during the project, and they may be associated with a particular task, person or it can also be from an element outside the project. Any risks that occur at a very late stage in the project are more likely to have a bigger impact than those that occur at the beginning, because valuable work that has already been done can be loss or damage. Risk management is also important in large projects as it can help to minimised the impact of a risk or totally avoid it, it also can determined what are the actions to take in order to reduce the impact of a particular risk (Lock, 2007, p.99). Processes 1. Plan Risk Management In Plan risk process, the main objective is to define how to carry out all risk management activities. This process is very important as of it depends the success of the other five processes, thus it has to be a carful and precise planning. â€Å"Planning risk management is important to ensure that the degree, type, and visibility of risk