for kim woods

WEDDING RISK MANAGEMENT

Risks are part of the project which needs proper management plan so that the project activities might run smoothly within the specified budget and timeline. the risk management team for the wedding objective are as follows; identification of the risks through intensive project analysis, assessing the probability, for instance, impact or severity. The possibility of occurrence and the risks controllability, the third of objective for the risks management team is to develop risks response process; coming up with the techniques for mitigating the risk damages possibility, contingency plan development, the last objective response. Such as the strategy for risks implementations, monitoring and adjusting the management plan for the new possible risks, and the management of change (Moro Visconti, 2016). The project risk management requires that appropriate action is taken when the cost, and time and other technical advantages are available. The project risk management would give the team an easy time and better control in the running of the project (Chen et al., 2017).

The process for handling the risks

The identified risks related to the wedding are contractual risks that are assumed when renting the vehicles for the guest residing out of town. The contractual dangers that are related to the rental of the typical reception hall. The risks related to the wedding presents, the wedding rings risks, and finally the liquor liabilities. If the risks relate to the car rental contracts, the procedure requires that the car is returned in the same condition at which the vehicle was when taken from the car rental agency (Moro Visconti, 2016). Defending and payment of the damage against the rental agency for the injury caused and the damage of the property, the contract has no act of God exceptions therefore the rental agency would still demand for payment or compensation. The team in charge of the reception will make contract with a particular restaurant which will be providing the catering services and will be liable for all the issues relating to reception such as food poisoning among others (Chen et al., 2017).

Risk Response Matrix

Risk Event	Response	Contingency Plan	Trigger	Who is responsible
Wedding Reception	Mitigate: the renegotiation of the terms or finding a new restaurant facility.	Contractual risk reduction and finding the coverage for other risks.	Refusal for language negotiation. After food poisoning instances.	Mark
Wedding Jewelry	Mitigate: Setting up renters policy to cover jewelry	Scheduling the jewelry risk under the renter's policy	Disappearance or loss of $6,000 diamond wedding ring	Lucy
Car rental Contract	Mitigate: the groom’s father arrange van rental from the agency in advance.	Good hospitality where the visitors are picked and dropped in time.	The auto agency to cover failing to cover rental contract after accidents.	Eddie
Sterling Silver	Mitigate: raising the theft limit higher to cover the sterling given as a gift.	Covering the sterling given in the form of gifts.	The limited theft coverage for the sterling pound wedding gifts	Immaculate
Wedding Gifts	Mitigate: wrapped gifts are prone to vandalism	Adding special perils contents to the groom and bride homeowners.	Exposure of gifts to vandalism, theft, and the table collapsing among others.	Edgar
Reception Liquor Liability	Mitigate: umbrella and homeowner liability policies	Ensuring that clients do not agree to repay the restaurant.	Instances of a lawsuit are arising.	McAllen

References

Chen, I. C., Lau, C. C., Yen, C. C., & Ma, H. W. (2017). A streamlined risk screening method for managing utilization of abandoned factories in Taiwan. Sustainable Environment Research, 27(3), 125-134.

Moro Visconti, R. (2016). The risk matrix for project finance in the healthcare sector.