1. Introduction
London 2012 Olympics is a megaproject that need to be complete within £7.2 billion against an immovable date. Therefore, control of risks and release of contingency are vital to this project. This essay explains the key parts of the risk framework used for the London Olympics and the methods that they used to manage and control the risks.
2. Key Parts of the Framework
Plain English ISO 31000 Risk Management Dictionary (2010) defines that ‘a risk framework is a set of components that support and sustain risk management throughout the organisation.’ The framework consists of two types of components: foundations and organisation arrangements, ensuring that day-to-day risks are analysed and key risks are escalated to the senior managers during the project. According to Risk Management Dictionary (2010), ‘Foundations include the risk management policy, objectives, mandate, and commitment. Organisation arrangements include the plans, relationships, accountabilities, resources, processes and activities used to manage the organisation ’s risk.’ The main objectives of the London Olympics risk management teams were: minimising the impact on the programme, using best data to make suitable decision, promoting the activities and releasing the contingency. In order to achieve the objectives,
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Security: includes the planning and implantation of plan to ensure the safety of all at an event
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The UK government developed a strategy in four modules to embrace and mitigate the risks associated with hosting mega events, Olympics in this
It is evident that hosting the Olympics games is no walk in the park. The countries trusted with this task have to spend billions to make the games a reality. Some people believe that the countries, even after spending billions of dollars benefit from the games, while others believe that the money can be spent elsewhere more efficiently. To reach a conclusion, one must study all of the different impacts in all of the different sectors the games have.
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The application of sound risk management procedures within an organisation is fundamental to the success of that organisation. Risk Management supports the management team in making sound decisions towards the effective use of resources, while minimising loses caused by unexpected events (Pearse Trust 2012). As such, Joe’s Transport Company has developed a comprehensive Risk Management policy which has been used to assess the upcoming perimeter fence project. In accordance with the risk management policy, all identified hazards have been reported, along with an explanation of the five hazards with an inherent risk rating of High or Extreme. Furthermore, the single greatest risk to the company has been
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