Risk Planning In Risk Management

1494 Words6 Pages
The existence of major events is bound to warrant good preparation so as to ensure that everything is put in its right place. At the behest of international world competitions, majority of teams are wild with anticipation, each hoping to represent their nation in the best way they can. What some of them, however, fail to realize is that preparation calls for more than just the normal routine of practice sessions; rather, it involves a lot of other interrelated activities. In order to get the players` mind set in synch, there is dire need for all the relevant stakeholders to take action in a bid to ensure that all their resources are put to the right use. In most cases it has been observed that this externalities are the sole bearers of the…show more content…
This could in turn be damaging to the reputation of the team and its members. In order to be successful, there is need for risk management incentives to be put in place. This can only be attained through the maintenance of good functionality for systems. A risk management plan involves coming up with the right techniques to cope with any challenges that are to be experienced in the planning process. For instance, certain alternatives should be indicated as a fall back plan in case the team runs out of resources away from home. In addition to this, there is a common cliché stating that too much of anything is poisonous. This could be well applied in this case to indicate the fact that the team members should not be overworked since they will also need that energy during the actual…show more content…
Budgeting is a subsidiary of planning. In order for the team to have an easy time, they would be required to have a significant cash reserve to cater for their escalating and unanticipated expenditure. The world cup is bound to be around for up to 1 month after the qualification matches. Failure to plan for such a big event would end up being disastrous. Up to $15million would be sufficient for a team preparing for the tournament (Bill, 2009). Partly, the expenditure should be organized in such a way that a significant share goes to the players upon attainment of specific set objectives. For instance, if they surpass all odds and make it to the quarter finals, they are to be offered a small share of the amount as a reward. The amount should then continue increasing in case the team manages to either make it to the semi-finals, finals, or even if they turn out to be the overall winners. Such rewards would act as a means of motivation to team players since each of them would be eager to receive their reward. This basically explains the necessity for a team budget in such a major
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