Unit 7 mini - Coursework Example

Risks and Opportunities in the Project of Learning Risks and Opportunities in the project Introduction Request for Proposal (RFP) is a claim, mainly done through bidding. This is a present preliminary requirement for a commodity or service to be offered. In this project, the RFP is used to obtain services of a contractor for an annual contract. The contract provides carnival services for the Spokane Interstate Fair. It includes at least, a carnival that is fully operational, concessions of novelty and games, shows and a maximum of 5 food concession units for the people.

The paper will focus on the budget, quality, technology, and the financial strategy as the major opportunities and risks that are anticipated to make this carnival successful or fail (Jaafari, 2001).BudgetIt is important to note how long the carnival will last for a budget to be set. In this case it commences from the 11th to the 20th of September, 1998. A budget committee should be set for the selection process of any proposal. This helps in determining the amount of funds that will be allocated the carnival.

Their work is to come up with a budget for every single detail that will be available. The budget proceedings also includes a charge incurred during the week of the carnival. In this case, the risk to be experienced will be overcharging the citizens since the people of Spokane County will take part in the selection of qualified firms for setting this event. The firm that submits an affordable and a well evaluated budget will stand a chance to secure the available carnival contract. QualityQuality of products is a crucial aspect of getting into a contract with Spokane County.

Nobody will want poor quality products of their carnival, it poses a risk not only to the firm but also to all the people attending the carnival. An opportunity in the contract exists where quality services are offered and well trained workers are employed based on the level knowledge and skills (Jaafari, 2001). Services offered have to meet the eye of the consumer. The major risks likely to be encountered with this field will be failure to satisfy consumers’ needs. This may lead to a termination of the contract mainly because it is a long term contract for up to 5years.

TechnologyThe Spokane County Carnival is expected to have technical equipment such as carnival rides that are meant to satisfy the residents. The firm that provides these services and state of art equipment at reasonable fees lands the contract. According to Jaafari 2001, innovativeness is also crucial, people are accustomed to change, and hence the firm that comes up with new ideas, new carnival games, and shows have a higher possibility of securing the contract. In case of any damage, the firm should have a secure strategy of dealing with machine failure, accident assessment, and control procedures.

This is based on the fact that, failure to handle such machine failures and accidents possess a risk of termination of the contract.Financial RecordsFirms that hold large county events should be well financed to mitigate food shortage or staff. Thus, their financial background should be concrete and legit (Jaafari, 2001). Any error in their bank reports could cause a termination of the contract. This is crucial since a 1week carnival requires a company with ample funds to satisfy consumer needs.

ConclusionIt is clear, there are four major risks and opportunities that have been considered in the requested carnival contract proposal. These are budget, financial records, technology, and quality. In order to get a contract, a lot of necessities are considered, investments have to be made and state of art work has to be delivered. This poses a challenge since it is hard to combine all these factors and reach the market at affordable prices (Jaafari, 2001).ReferenceTop of FormJaafari, A. (2001).

Management of risks, uncertainties and opportunities on projects: time for a fundamental shift. International journal of project management, 19(2), 89-101.Bottom of Form