Learning Goal: I’m working on a law multi-part question and need an explanation and answer to help me learn.
Risk Management Activity (50 points)
The Western Kentucky University Athletic Department is discussing hosting an alumni flag football game for Homecoming weekend. Initially, about 50 alumni have expressed interest in participating in the game, which is perfect because you split them into two teams of 25 alumni and play 7 v. 7. The athletic department decide they want to sell tickets to the game for $5 apiece. At the game, the athletic department will open up the concession stands and sell food. They have also decided to sell alcohol to all attendees over 21 years of age.
The athletic department decides to hire you to develop a risk management plan for the event. As such you need to do the following:
- 1)Identify 15 different risks
- BE SPECIFIC… don’t just say injury because injuries vary drastically from one-another. So be as specific as possible
- 2)Create a grid like the one from class lecture showing the potential impact on one axis and the frequency on the other (You can literary just copy over the grid I made and take out all the colors.
- 3)Once you have the grid you need to classify each of the 15 risks based on how frequently the thing happens and how much you will lose if it does happen.
- In classifying the risk first… write the classification next to the risk (e.g., critical, possible)
- Explain why you classified it the way you did.
- After you do that place the risk INSIDE the chart
- 4)Finally, you need to tell me what you are going to do to treat the risks.
- Don’t just say, “reduce”. Say reduce and then explain how you are going to reduce it.
Here is an example of what I want and the format. Imagine I asked you to do the same thing for a soccer game, here is what that would look like.
- 1)Player breaks their leg from being kicked by another athlete – Marginal, possible – Being kicks is common in soccer and happens all the time but the chance that the risk rises to a level of breaking the leg is somewhat low, so I classified it as marginal. If it does happen we might be liable for medical bills, but the medical bills are likely not to high so I classified as marginal loss. – I would reduce the risk by requiring all athletes wear shin guards. I would transfer the risk by having event insurance.
|Possible||1) Broken leg from being kicker|