MINISTRY OF EDUCATION AND TRAINING

FOREIGN TRADE UNIVERSITY HO CHI MINH CAMPUS

 

INTERNATIONAL PROJECT MANAGEMENT

ASSIGNMENT

PROJECT: THE L’NIGHT PROM

LECTURER: Ph.D PHAM THI MAI KHANH

Nguyen Hoang Huong Giang ID: 1801015018

Ngo Nguyen Hanh Anh ID: 1801015104
Le Thi Chau Giang ID: 1801015242
Do Huynh Thuy Linh ID: 1801015419
Doan Thi Quynh Nhu ID: 1801015045

Class: K57CLC5

Ho Chi Minh City, April, 2021

 TABLE OF CONTENT

PART 1: INTRODUCTION................................................................................................. 1

PART 2: PROJECT CHARTER .......................................................................................... 2

1. Social problem .............................................................................................................. 2

1.1 Justification ............................................................................................................. 2

1.2 Research methods ................................................................................................... 2

1.3 Standard Criteria ..................................................................................................... 4

2. Scope – solution analysis.............................................................................................. 5

2.1. Alternative analysis ............................................................................................... 5

2.2. Assumption ............................................................................................................ 6

2.3. Objectives .............................................................................................................. 6

2.4. Constraints and boundaries.................................................................................... 7

2.5. Deliverables ........................................................................................................... 8

2.6. Stakeholders analysis............................................................................................. 9

2.7. High-level requirements ...................................................................................... 10

3. Planning ...................................................................................................................... 11

3.1. Timeline with milestone ...................................................................................... 11

3.2. Budget plan .......................................................................................................... 11

3.2.1.Funding resources .......................................................................................... 11

3.2.2. Estimated Budget.......................................................................................... 12

3.3. Value proposition ................................................................................................ 14

3.4. Feasibility analysis .............................................................................................. 14

PART 3: WORK BREAKDOWN STRUCTURE ............................................................. 16

1. Work Breakdown Structure ........................................................................................ 16

2. Network Diagram ....................................................................................................... 20

PART 4: PROPOSED SCHEDULE .................................................................................. 27

1. Proposed Schedule .................................................................................................. 27

2. Activity duration table ................................................................................................ 29

3. Crashing activities ...................................................................................................... 31

PART 5: RISK MANAGEMENT ...................................................................................... 35

1. Risk Identification ...................................................................................................... 35

2. Analysis of Probability and Consequences ................................................................ 36

3. Risk Mitigation Strategies .......................................................................................... 37

4. Control Risks .............................................................................................................. 40

5. Project Termination .................................................................................................... 40

APPENDIX 1: VALUE PROPOSITION FOR STUDENTS ............................................ 41

APPENDIX 2: VALUE PROPOSITION FOR SPONSORS............................................. 42

APPENDIX 3: BUSINESS MODEL CANVAS................................................................ 43

APPENDIX 4: RISK MITIGATION STRATEGIES ........................................................ 43

REFERENCES ................................................................................................................... 49
 ABSTRACT

The project is planned and implemented to celebrate a prom night for all students
majoring in Logistics and Supply chain management (LSCM) at Foreign Trade
University, which has just been launched for only three years, so that all generations of
students in this major can enlarge their network for good value in the future: mentor in
career path, love story, etc. This idea come from the staquo that there has been no
networking events within LSCM community in ForeignTrade University, the team
found many reasons but the two main of them are the small number attendants in the
first year of major launched and the covid-19 making waste of time as well as social
distance in the next two year. Our core team expects that this first prom night for all
intakes as well as the pioneer events will lead to some traditions for generations in our
field that can connect with their seniors and their inferiors as well. The prom will take
place at the of June – also the end of school year, at a Hall in Ho Chi Minh city, easy to
approach from the university. The price fluctuates around 200.000 VND, affordable for
these students as they are studying in high-qualified courses, which guarantee their
financial background from upper-middle income. In short, our project provides a cozy
atmosphere to relax after school time, a funny event to make an interactive bridge
between people learning the same major and gives them chances to enlarge their network
for further purposes.
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PART 1: INTRODUCTION

In the field of Logistics and Supply Chain, networking connection remains one of the
most successful factors to achieve desired career path. At Foreign Trade University -
HCMC Campus (FTU2), the Logistics and Supply Chain Management (LSCM) major
has been launched for over 3 years since 2018. During the period of 3 years, no relevant
activities were performed to connect and improve the solidarity among students
majoring in LSCM of the 3 classes. Moreover, there was no incentive to execute the
similar events in the last 3 years due to the small number of participants for the first year
and Covid-19 pandemic in the last 2 years. Our core project team as the first ever class
majoring in LSCM finds it important and necessary to develop a prom night called ‘The
L` Night’ to fulfill the needs of networking connection and of LSCM students at FTU2
(according to our survey at FTU2). This project aims to connect the students among 3
classes through interactive activities and games. Furthermore, prom night is set to let
students freely start conversations and get to know different people in an open way. The
prom will take place at a venue hall in Ho Chi Minh City at the end of June, which is
the time when the 3 classes finish schooling and need some fun activities to relax.
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PART 2: PROJECT CHARTER

1. Social problem

1.1 Justification

This project is planned to solve the lack-of-connection problem in a small community

among students majoring in LSCM at Foreign Trade University. The situation is that the
LSCM field has been the newest major in the university with only 3 intakes since 2018,
thus it seems that the freshman and sophomore have high demand to ask advice from
their pioneer, about ways to learn, about the subject, etc. However, they cannot find
suitable chances to help themselves since learning in the newest major, the minimum
attendants (in 2018-2019) was not qualified for such events and when the new students
came, so did covid-19, thus, the intakes have worked independently with no gathering
events like other majors to connect and conduct a strong community of LSCM at Foreign
Trade University.

1.2 Research methods

Discovering this gap in solidarity, our core project team decides to celebrate an event
where all students of LSCM major in Foreign Trade University have chances to connect
with each other, with the younger and the older, to find soulmates as well as relax after
school time. Also, to find the reason why people have not made such events during this
time and detailed information about students’ demands, we intend to conduct a survey
within this community to clarify the demand. The survey was conducted follow these
steps:

● Step 1: Define things needed clarifying

✔ The number of LSCM students would like to join a networking event

✔ Which value they expect to gain in this event

✔ Which activity they prefer and are not interested in

✔ The average budget that attendants can cover for such event

✔ Factors affect their decision to attend (if they are willing to join our event)
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● Step 2: Transform the ideas into questions, ensure these question clear and soft
enough for customer to be detail and honest

● Step 3: Double check the questionnaire and write description of the survey

● Step 4: Contact with other monitors of the rest 2 intakes for support in spreading
the questionnaire

● Step 5: Filter the answers and highlight the ones that were picked most.

Moreover, we interviewed the organizers of similar events but in different majors, such
as the DDD Night of External Economics major, Finance and Banking major, v.v to
consult the feedback of their attendants as well as some tips they drew after the event to
fulfill as much as possible the satisfaction of our community.

Mr. Nguyen Giang – Organizing Team – DDD of External Economics major

QUESTION RECOMMENDATION

- Marketing campaign

- Control the number of attendants

Things difficult to manage
- Control timeline and the operations
budget

- More interaction
Things want to upgrade - Proactive personnel to flexibly solve
problem

- Must define clearly value and

Important things
objectives of the event, stick to them

After discussion and private consultation, we were in favour of celebrating a prom

night, which is a relaxing and cozy party – the most popular choice of all surveyees
and will go into details below.
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1.3 Standard Criteria

There are some suggested requirements that the event has to meet after gathering
requirement and information through online questionnaire and private interview:

FIELD REQUIREMENT

Suitable venue for team games,

decorated well

Relaxing atmosphere – music and light

Technique
Teabreak meets visual and safety
requirements

Venue supplier fulfillment of stage tools

Caring and professional staff

Personnel Arrange sufficient personnel for each

phases

Interaction games must be funny

Creative activities (expect ball, voting,

Activity
etc)

Informative session

These requirements are based on customer demand and are first priorities when any idea
comes up with, the organizing team must ensure that we can meet the basic needs of
customer as well as the lowest standards of an networking event by using tool to keep
track the standard of what we do:

STAKEHOLDER TOOL PURPOSE

For Organizing Satisfaction of suitable

Gantt chart
Team process
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Timeline with milestones Time satisfaction

Detail of personnel
Masterplan
distribution and network

Feedback process (pre –

Satisfaction among team
during – post activity)

Lowest satisfaction and

Pre – event questionnaire
estimated satisfied activities

For student Measure satisfaction level of

Post event feedback
each department

Confession Emotional measure

For sponsor Acceptance Report Update level of branding

2. Scope – solution analysis

2.1. Alternative analysis

TEAM
Criteria PROM
BUILDING

Willingness of Participants (25%) 4 2

Networking connection among participants (20%) 4 3

Cost (15%) 3 4

Scope of participants (15%) 5 3

Safety of participants (10%) 5 3

Availability of resources (10%) 3 3

Benefits for sponsors (5%) 3 2

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Score 3.95 2.85

Based on the results of interviewing 23 students in 3 classes majoring LSCM, 52%

(12/23) of the students said that they wanted to join “Prom”, 35% (8/23) said they
wanted to join “Team Building” , 13% (3/23) students choose other options. Based on
the collected data, the project team decided to evaluate 2 projects: “Prom” and “Team
Building” to come up with the best solution.

The 2 projects are evaluated based on Weighted Factor Model with 7 criteria,
respectively: Willingness of Participants (25%), Cost (15%), Scope of participants
(15%), Safety of participants (10%), Availability of resources (10%) and Benefits for
sponsors (5%). Each criterion has 5 rating levels from 1 to 5.

Comparing between the 2 projects, we see that the “Prom” project has higher scores
than the “Team Building” project. So we choose to implement the “Prom” project.

2.2. Assumption

We would like to reclaim that our event is only for students who are studying in Logistics
and Supply chain management (LSCM) at Foreign Trade University HCMC Campus,
as we assume that:

● There is high demand within the community to be connected with other students
in same major

● It is necessary for all student to make connection with other generations in their
major for purpose of consulting

● Studying same major can help people more easily connect with each others

● We can share more things with simple but clear concept if all attendants have
mutual point (hear is LSCM major)

2.3. Objectives

STAKEHOLDER OBJECTIVES
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Create a connection between generations

Audiences

Audiences
Have a relaxing session

Sponsor Brand promotion to target audience (university students)

We believe that there are 3 primary stakeholders that in mainstream connect with the
project, one is the Audiences who the project aims to serve, the other is the Organizing
Team, who conduct and operate the project and the final one is the Sponsor who directly
supports the finance to operate the event.

2.4. Constraints and boundaries

Additionally, since we are the first networking event in LSCM student community, we
certainly face to many unavoidable constraints, especially:

● There is no precedent action in LSCM major for us to consult about the model,
the attitude of attendants, some high probability risk and suggested solutions,…

● The project is the pioneer so that customer's shyness about new networking event
is the main factor preventing them from joining, which is so risky of wasting time
and finance for nothing.

● The project is held by a group of students so we have no official guarantee from

university or faculty, which affects the trust of our customers as well as makes
some difficultíe in document processes.

Hereby we can conclude our project’s boundaries as followed:

BOUNDARIES DETAIL

Venue hall, capacity of 150 people

Physical boundaries
Ho Chi Minh City

LSCM Students, studying at Foreign Trade

Social boundaries
University HCMC Campus
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Purpose for building up networking in LSCM

student community, not for others like sharing, etc

Budget over than 20 million VND

Economic boundaries
Attendant fee no more higher than 200.000 VND

Comply with university regulations and

government regulations of Covid-19
Political boundaries
No illegal activities, according to Vietnam’s
Constitution and Law

2.5. Deliverables

To successfully achieve those above objectives, the team carefully settles some
deliverables to keep track and ensure the objectives will be completed:

STAKEHOLDER OBJECTIVES DELIVERABLES

Connection between Logistics

A prom night students

Audiences

Relaxation

Brand promotion to target

More students know about their
Sponsor audience (university
brand, more customers
students)
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2.6. Stakeholders analysis

Stakeholders Interest/ Managemen Key Interests Message Needed Action Needed Communication
Power t Strategy Channel
Participants H/H Manage Students want to We try to provide a - Class talk to provide - Direct
highlights and benefits of communication
Closely enjoy a party to memorable party for
joining party
relax and expand relaxation and a - Facebook,
- Send mail weekly for email
networking good chance for participants
mutual interaction
Sponsors M/M Keep The benefits to the We strive to fulfill - Keep contact with sponsors - Direct
Satisfied sponsor to be responsibility for the and provide proof of communication
performance
implemented sponsors fully and - Facebook,
- Send a report after fully email
effectively effectively perform responsibility
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2.7. High-level requirements

STAKEHOLDER TYPE REQUIREMENT

- Ability to basically digitally design

- Good taste of visual arrangement

Technical Team
- Ability to handle standard technique
problems

- Understand customer’s insight

- Ability to plan and tackle a medium

Marketing Team sized campaign

- Ability to handle small communication

Organizing Core crisis
Team
- Experienced in event making

- Ability to conduct engagement activity

Content Team
and keep track task process

- Good idea generator

- Experienced in event making

- Fast problem-solving skills

Operation Team
- Detail oriented and handle large task in
short time (on-site day)

- Surprising event to trigger customer

Prom night Core Team - Fully served comply with the fee

- Include essential part of a basic prom

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To achieve a successful prom night, which not only satisfied the basis but also have some
high-leveled requirements about customer experience, the core team is divided into 4
functions: Technical, Content, Marketing and Operation, suitable with the ability of our
personnel and high requirements for the best result.

3. Planning

3.1. Timeline with milestone

DATE MILESTONE

07/04/2021 Finalize theme and concept

29/04/2021 Finalize timeline

07/06/2021 Finalize venue

27/06/2021 On-site day

3.2. Budget plan

The Prom night is estimated to spend around 21 million VND, compared to the usual price
of market, also, for any problem that accidentally happens, the contingency plan may be up
to 25 million VND, nearly fit with the suggested scope of about 120 attendants being
charged 200.000 VND per ticket.

3.2.1.Funding resources

Besides the attendant fee, our project intends to look for sponsors who would like to
promote their brand in the university student community, especially in the LSCM field.

Below is the report of funding:

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STAKEHOLDER ESTIMATED QUANTITY TOTAL

SUPPORT

Sponsor 3.000.000 VND 2 6.000.000 VND

Audience 200.000 VND 120 24.000.000 VND

3.2.2. Estimated Budget

Here is the estimated expense during preparation process as well as on-site night:

EXPENSE STAKEHOLDER ESTIMATED BACKUP

Proposal printing
300.000 VND 500.000 VND
(colored)

Support fees (mobile card,

500.000 VND 600.000 VND
fuel, coffee meeting,..)
Sponsor
Certificate 50.000 VND 100.000 VND

Present 300.000 VND 500.000 VND

Flowers 300.000 VND 450.000 VND

Backdrop 200.000 VND 300.000 VND

Marketing and
Technical
Standee 150.000 VND 200.000 VND
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OC card 100.000 VND 200.000 VND

Merchandise for audience 2,500.000

2.000.000 VND
(handmade + Shopee) VND

Interactive Activities 500.000 VND 700.000 VND

2.000.000
Performers fee Content 1,500.000 VND
VND

Supporting fee 200.000 VND 200.000 VND

10.000.000
Venue 8.000.000 VND
VND

1,500.000
Decoration 1.000.000 VND
VND

Materials (trophy, mic, 1.000.000

500.000 VND
tray, table set up, v.v) Operation VND

Transportation cost 600.000 VND 700.000 VND

Interactive activities 300.000 VND 500.000 VND

4,500.000
Teabreak 3.000.000 VND
VND
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1.000.000
Others 2,500.000 VND
VND

19,950.000 24,600.000
Total
VND VND

3.3. Value proposition

In view of students majoring in LSCM at Foreign Trade University and through the survey,
we believe that our audiences’ pain points come from the needs of close interaction and
cross-course integration to cover the demand of enlarging the network in LSCM field for
help in future, or far more, for love, which to cover the fears of lost future directions or
being lonely, stress in studying (especially in top university like Foreign Trade University).

To help audiences enjoy a good experience as much as possible, the coreteam brings class
performances as an introduction of each intake then comes to the team games and yule ball
to create more interaction than ever, make cross-course integration to fulfill the need of
close relationships. Teabreak and chill atmosphere take people into relax condition,
contemporarily keep away stress mind, making new friends in cozy space (Appendix 1)

About potential sponsors, understanding that almost all local brands and start-ups have big
difficulties in approaching customers and increasing brand awareness, our marketing
campaign and some warm up games will be designed to help sponsors promote their image
and customer trial. Via media publications during marketing timeline and the on-site day,
our sponsor not only approached 120 attendants but also spread their image among more
than 4000 students in Foreign Trade University. (Appendix 2)

3.4. Feasibility analysis

MARKET FIT TECHNICAL FIT STRATEGY FIT

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Student: High Human resources: Support team Financial: Estimated cost

demand of around 20 members (including far slower than estimated
networking within coreteam and collaborators) profit and backup
LSCM field handle a prom for 120 attendants support from sponsors

Core team: Chance Duration: 3 months since the Strategy: Compliance

to develop event beginning of April with Foreign Trade
skills University regulations

Sponsor: Needs to Venue: Hall in Ho Chi Minh City

promote image and
customer trial

Budget: Estimated cost under

estimated profit from selling
ticket

Legality: under Foreign Trade

University authority

The objectives of the L’ Night prom completely stick to the high demand of all stakeholder
(shown above in Market fit field), verified via our survey in LSCM community and
coreteam survey. Furthermore, the core team consists of students experienced in conducting
similar events from student organizations, meeting the high-level requirements so that they
can obviously handle such 120-attendant prom. Other elements in the technical and
strategic field also work in our capacity and ability. The core team, additionally, exclude
money-waste items to reduce the estimated cost much lower than estimated profit to ensure
the high probability of the prom.
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PART 3: WORK BREAKDOWN STRUCTURE

1. Work Breakdown Structure

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2. Network Diagram
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PART 4: PROPOSED SCHEDULE

1. Proposed Schedule

1. Format and detailed plan for On-site day 2.2.1. Draft timeline
1.1. Theme and concept 2.2.2. Finalize timeline
1.1.1. Brainstorm 2.3. Promoting Content Writing and Visual Design
1.1.2. Finalize theme and concept 2.3.1. Research and brainstorm
1.2. Agenda 2.3.2. Idea craft
1.3. Seeking and Contacting Performers 2.3.3. Final writing post
1.4. Interactive activities 2.3.4. Key visual design
1.4.1. Brainstorm 2.3.5. Post visual
1.4.2. Rehearsing Execution 3. Operation
1.4.3. Review & Modify 3.1. Collaborators Recruitment
1.5. Technical material (stage coordination) 3.1.1. Define needed skills and quantity
1.6. MC script 3.1.2. Application form
1.7. Technical script (Sound, Light & Screen) 3.1.3. Interview
1.8. HR Allocation - Onstage 3.2. Venue selection
3.2.1. Criteria
2. Promotion to target audience
2.1. Marketing Plan 3.2.2. Research, Venue scouting and Contract
2.1.1. Survey/Questionnaire concluding
2.1.2. Brainstorm 3.2.3. Finalize Venue
2.1.3. Team discussion/meeting 3.3. Ticket design and selling plan
2.2. Marketing Timeline 3.3.1. POSM design (brochure)
3.3.2. Database Prom Final
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3.3.3. Detailed selling process

3.4. Decorating plan
3.5. Sourcing plan (Materials)
3.6. Printing (Backdrop, etc.)
3.7. Rehearsal
4. Funding
4.1. Sponsors Proposal
4.2. Finalize Sponsors Phase I
4.3. Finalize Sponsors Phase II
4.4. Finalize Sponsors Phase III
4.5. Follow-up activities
4.6. Acceptance Report
5. On-site day
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2. Activity duration table

Expected Activity Durations and Variances for Project Delta

Optimistic Most likely Pessimistic Estimated Variance
Activity Detail
(a) (m) (b) Time (TE) [(b-a)^2/6]
1 Format and detailed plan for onsite day
1.1. Theme and Concept 4 7 10 7 2
1.2. Agenda 12 15 18 15 2
1.3. Seeking and Contacting Performers 27 29 38 30,17 3,67
1.4. Interactive Activities 17 21 26 21,17 3
1.5. Technical material (stage coordination) 2 4 6 4 1,33
1.6. MC Script 7 14 15 13 2,67
1.7. Technical script (Sound & Lights & Screen) 5 7 9 7 1,33
1.8. HR Allocation – Onstage 3 4 5 4 0,67
2. Promotion to target audience
2.1. Marketing Plan 8 10 12 10 1,33
2.2. Marketing timeline 3 4 5 4 0,67
2.3. Promoting Content Writing and Visual Design 9 12 15 12 2
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3. Operation
3.1. Collaborators Recruitment 6 8 10 8 1,33
3.2. Venue selection 16 19 25 19,5 3
3.3. Ticket design and selling plan 4 6 8 6 1,33
3.4. Decorating Plan 4 6 9 6,17 1,17
3.5. Sourcing Plan (Materials) 8 10 12 10 1,33
3.6. Printing (Backdrop, etc.) 3 5 7 5 1,33
3.7. Rehearsal 5 6 8 6,17 1
4. Funding
4.1. Sponsors Proposal 6 7 8 7 0,67
4.2. Finalize Sponsors Phase I 12 15 18 15 2
4.3. Finalize Sponsors Phase II 12 12 15 12,5 1
4.4. Finalize Sponsors Phase III 10 12 14 12 1,33
4.5. Follow-up Activities 16 21 26 21 3,33
4.6. Acceptance Report 6 8 14 8,67 2,67
5. On-site Day 1 1 1 1 0
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3. Crashing activities

THE L’ NIGHT PROJECT ACTIVITIES AND COST

(Only critical activities)

Normal Crash
Slope
Activity Predecessors
Duration Cost Duration Cost

1. Format and detailed

plan for onsite day

1.2. Agenda 15 0 10 0 0

3.2. Venue selection 32,49

3.2.1. Criteria 32,49 2 0 2

3.2.2. Research, Venue

scouting and Contract 35 17 200.000 14 350.000 -50000
concluding

3.2.3. Finalize Venue 36 0 0 0 0

3.4. Decorating Plan 10,37 6 0 3 500.000 -166666,6667

3.5. Sourcing Plan 50,42 7 0 5 0 0

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(Materials)

3.7. Rehearsal 14,43,44 6 0 3 0 0

4. Funding 5

4.1. Sponsors Proposal 5 7 0 3 500.000 -125000

4.2. Finalize Sponsors -20000

47 15 200.000 10 0
Phase I
4.3. Finalize Sponsors -25000
48 12 150.000 10 0
Phase II

4.6. Acceptance Report 53 8 0 7 0 0

5. On-site day 41,44,45,50 1 0 1 0

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In the event of unexpected circumstances that arise where The L`Night is unable to take
place on the originally planned date, the project team is forced to speed up the project.
Crashing is done by increasing the resources to the project, which helps make tasks take
less time than what they were planned for. Of course, this also adds to the cost of the
overall project. Therefore, the primary objective of project crashing is to shorten the
project while also keeping costs at a minimum. However, The L`Night has the triple
constraint that says, if you reduce the duration of the project, or its time, then costs will
in turn have to increase. It’s a trade off.

Methods to reduce durations:

1. Have the existing crew work overtime. This increases the labor costs
due to increased pay rate and decreased productivity.
2. Bring in additional workers to enlarge crew size.

This is a non-profit project, the collaborators receive absolutely no salaries or

allowances. Most of the activities on Gantt road are accelerated based on
increasing the working time of the teams (night shift) without increasing costs.
However, increasing working time, shortening the intended time spent on each
job without allowances or incentives, can lead to poor quality outputs due to
overcrowding and the poor learning curve. More seriously, there might be a
down mood or conflict arising within the project team and high level of turnover
from the project.
Some activities can be mentioned as decorating plans, proposal design can be
crashed by outsourcing external resources or a third party to complete the work
in less time. This means that there are costs outside the budget plan that need to
be considered.
The rest are jobs involving outside parties such as sponsors or venues, which are
in the works. In order to accelerate these activities, in addition to increasing the
working time of the ER team, it is also necessary to increase travel and
communication costs.
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This Project has: Critical Path = 96 (days) and Best Schedule= 65 (days) which
means we can organize 31 days earlier than intended onsite day. However, since
we have clear and specific requirements for the onsite date that includes to take
place on weekends, right after most Logistics classes finish their final exam of
Term II and right before summer vacation of Foreign Trade University students,
this project has strict time constraints. Hence this project could only be crashed
7 days ahead of the intended schedule.

In conclusion, activity 1.2. Agenda (responsible by team Content) and 3.5.

Sourcing Plan (responsible by team Operation) shall be crashed respectively
from 15 days to 5 days and from 7 days to 2 days. Since the costs arising from
these two activities are equal to zero and the crashing time is short (7 days), the
workload will be in control and the budget will not change.
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PART 5: RISK MANAGEMENT

Any project is subjected to events, or risks, that have the potential to impact the project
goals. Risk management aims to exploit implicit risks that have not been addressed into
identifiable risks, and to evaluate the effects and develop effective risk mitigation
strategies. In this context, our project team decides to execute the Qualitative Risk
Assessment by utilizing the Analysis of Probability and Consequences Model. There
are 4 steps in our risk management process: risk identification, risk impact/probability
chart, risk mitigation strategies, and control.

1. Risk Identification

We will start with an establishment of a set of likely risks to be expected to affect the
prom night. For the methods, we are using the brainstorming meetings, history and
team-based assessments. The core project team will hold meetings twice a week, make
a review of the accomplished work and the similar projects to define the key project
risks. In the table below, we categorize the risks into 4 types: stakeholders, project team,
materials and on-site day.

Identified Risks
Stakeholders 1. The number of attendants could be lower than the expected amount.
There would be not enough people to enjoy the planned activities.
2. The project budget could be reduced and trimmed in the middle of
the project because of withdrawal of sponsors.
2. The project budget could be reduced and trimmed in the middle of
the project because of withdrawal of sponsors.
Project Team 4. Project team members could get lost in tracking the project progress.
5. Conflicts could arise between members of functional teams because
of poor communication.
6. Delays in executing activities because of lack of personnel, time
management, experience or just due to procrastination.
7. The operating team could not satisfy the requirements of the content
team.
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8. A key project team member could no longer be able to work on the

project. The project could lose one of its key core team members.
Materials 9. Printing standees, posters, and backdrops could be late because of
objective or subjective reasons of the printer.
10. Materials could get lost due to negligence.
On-site day 11. Technical issues could still take place on the on-site day despite the
rehearsals.
12. Decorations could be broken on the on-site day due to self-
destruction or effects from people.
13. Filming team could not attend on the on-site day.
14. Performers could cancel their appointed schedules. The prom night
could lack one performance.
15. The MC could no longer be able to host the event on the on-site
day.

Table 1. Set of likely risks

2. Analysis of Probability and Consequences

Once the process of risk identification is completed, an assessment of risk impact can
be undertaken. Risk Analysis chart evaluates potential risks based on 2 factors,
Probability of Occurrence and Consequences. The matrix reflects all the potential risks,
along with the likelihood of occurrence of the risk and its level of effects on the project.
The scale for both sides of the matrix ranges from low, medium to high. The pink boxes
on the chart reflect the highest severity of the risk factors on the projects and need
forthwith actions to alleviate the risks, while the green parts represent the low-risk
factors that can be ignored or managed later.
 37

Consequences
Low Med High

High
5 6

Probability

Medium
1, 3, 7, 11,
2, 4, 10
Low 12, 15

9 13, 14 8

Chart 1. Risk Impact Matrix

3. Risk Mitigation Strategies

The next step in risk management is to build up strategies to mitigate the risks. As we
have sorted the risks from the most severe to the least ones, we need different strategies
to alleviate the risks. All the strategies come from the evaluation of the core project
team and assessment of the risk mitigation strategies of the precedent similar projects.

High Risk Mitigation Strategies

1. Delays in performing - Holding periodical meetings to make sure that everything is
activities of the project. on the right path.
- Setting the priorities for activities.
- Setting the timelines along with milestones.
- Using tools like MS Project to track down all the activities.
- Setting new starting-to-finishing days.
2. The number of - Keeping in touch with the attendants who have bought the
attendants is lower than tickets.
expected. - Accelerating the marketing activities to obtain the expected
number of attendants.
 38

- Getting 2 more back-up activities in case of less participating

guests.
3. Project could be - Team leaders immediately inform members about the
postponed due to the postponement.
government regulations - Holding an emergency meeting to reconsider the feasibility
(Covid-19). of the project.
- Contacting the venue for confirmation whether they can
operate or not (if not, project could be cancelled).
- Contacting the participants to inform them of the issue and
keeping in touch with them to update the situation. In case of
project termination, the project team should be apologetic, ask
for forgiveness and refund all the tickets.
- Contacting the sponsors to inform them of the issue and
keeping in touch with them to update the situation. In case of
project termination, the project team shall hold meetings with
sponsors to find the best solutions.
4. The operating team - Content team should carefully research the idea, look for any
could not satisfy the events which have done similar activities.
requirements of the - Preparing the back-up ideas in case the operating team could
content team. not fulfill the requirements.
- Giving the suggestions or constructive ideas to the operating
team during the executing process.
- Right after receiving the ideas, the operating team should
hold meetings to research, feedback and brainstorm the ideas.
- In case the ideas could not be exercised, the operating team
should inform the content team immediately and both teams
start to consider the back-up ideas. Any changes shall be
announced to other functional teams.
5. Technical issues - The event would be held in the evening so the rehearsal
could still take place on should start from the morning to make sure that everything is
fine.
 39

the on-site day despite - Getting the technical team ready for any further issues.
the rehearsals. - Downloading all the pre-recorded music/videos that could be
done in advance in case of Internet cutdown.
6. Decorations could be - Considering the feasibility of the decoration (the size, shape,
broken on the on-site etc.).
day. - Using stronger glue to reinforce the decoration.
- Giving notice to team members and participants the place
where there are easy-to-tear decorations.
- Allocate a member to take charge of supervising and fixing
the broken parts.
7. The MC could not be - Signing contracts with the MCs.
able to host the event on - Getting 2 back-up MCs from the project team as they know
the on-site day. perfectly about the concept and theme.
8. A key project team - Cross-training personnel on elements of one another’s job.
member could not be - Functional team leaders could take the place of that key
able to work on the project member.
project.
9. Conflicts could arise - Team leaders should seek out and address the conflicts before
between members of it could affect other activities.
functional teams due to - Functional teams should hold meetings or get-togethers to
poor communication. understand the personalities and characteristics of team
members.
- Team leaders should give feedback to any progress that has
been done by members.
- Making sure that all team members understand the objectives
or goals that the teams aim to.
- Team leaders should be empathetic when listening to team
members' problems.

Figure 1. Risk Mitigation Strategies (High risk)

 40

4. Control Risks

The final step is to control the risks by implementing all measures mentioned in the
strategies. All the measures vary from the least costly to the most expensive ones,
therefore, if the previous measure does not work, the project team can move forward to
the next measure.

5. Project Termination

Though we have identified all the potential risks as well as their mitigation strategies,
there still remains the worst scenario: project termination. Project termination means
that a project is stopped because there is no more need or resource for further
continuation. For the successful side of project termination, a project is cancelled when
it has achieved its goals, in this context, our prom project proves to satisfy the needs of
the target audience and bring the value that the customers are expecting to gain. On the
other side, the core project team has decided the below assumptions that can cancel the
project:
1. The number of participants is far lower than the expected amount (lower than 60
people), which leads to no sufficient fund to operate the project.
2. The regulations of Government to restrict the public activities due to the Covid-
19 pandemic.
3. The core project team members are not able to work on the project (more than 3
people drop out)
 41

APPENDIX 1: VALUE PROPOSITION FOR STUDENTS

Benefits
- Network
in LSCM
- Enable cross-course field
- Enjoy fun memory
connection
in student’s life
- Relaxation Experiences
- Meet more people to - Love, close - Lost direction
develop social relationships Wants
- Network with new relationship - Study stress
Fears
friends in same major - Be updated on - Loneliness
- Relax time in cozy university’s news - Lack of network
Features
atmosphere - Close interaction
university
- Needs with other people
- Team games
- Class performances - Cross-course
- Yule Ball integration
- Teabreak
 42

APPENDIX 2: VALUE PROPOSITION FOR SPONSORS

Benefits - Promote brand

- Branding with photo, Experiences awareness among
video - Increase brand student
- Prestige brand for
awareness among this
students - Unpopular
community
Wants
- Connect with college Fears - Cannot
Features student community Needs approach target
- Gathering event of - Approach students
audience
about 200LSCM via gathering events

students - Chance for

- Warm-up video and customers to use trial

warm up game (insert
sponsor intro)
 43

APPENDIX 3: BUSINESS MODEL CANVAS

Key Partners Key Activities Value Propositions Customer Relationship Customer Segment

- Venue Supplier - Format and - Relaxation, - Class talk, send - FTU Students
- Perfomers & detailed plan networking email (C1) major in
MC - Promotion to connection - Contact weekly, Logistics and
audience among LSCM send email, Supply chain
- Operation students (C1) report (C2) management
- Funding - Brand Promotion (C1)
(C2)
- Organisations
Key Resources Channels
sponsor for
- Team members, - Social Media project (C2)
collaborators - Direct
Communication

Cost Structure Revenue Streams

Estimated: 19,950.000 VND 120 (Expected participants) x 200.000 (ticket price) +

Backup : 24,600.000 VND 6.000.000 (Estimated funding) = 30.000.000 VND
 44

APPENDIX 4: RISK MITIGATION STRATEGIES

High Risk Mitigation Strategies

1. Delays in performing - Holding periodical meetings to make sure that everything is on the right path.
activities of the project. - Setting the priorities for activities.
- Setting the timelines along with milestones.
- Using tools like MS Project to track down all the activities.
- Setting new starting-to-finishing days.
2. The number of - Keeping in touch with the attendants who have bought the tickets.
attendants is lower than - Accelerating the marketing activities to obtain the expected number of attendants.
expected. - Getting 2 more back-up activities in case of less participating guests.
3. Project could be - Team leaders immediately inform members about the postponement.
postponed due to the - Holding an emergency meeting to reconsider the feasibility of the project.
government regulations - Contacting the venue for confirmation whether they can operate or not (if not, project could be
(Covid-19). cancelled).
- Contacting the participants to inform them of the issue and keeping in touch with them to update
the situation. In case of project termination, the project team should be apologetic, ask for
forgiveness and refund all the tickets.
 45

- Contacting the sponsors to inform them of the issue and keeping in touch with them to update
the situation. In case of project termination, the project team shall hold meetings with sponsors to
find the best solutions.
4. The operating team - Content team should carefully research the idea, look for any events which have done similar
could not satisfy the activities.
requirements of the - Preparing the back-up ideas in case the operating team could not fulfill the requirements.
content team. - Giving the suggestions or constructive ideas to the operating team during the executing process.
- Right after receiving the ideas, the operating team should hold meetings to research, feedback
and brainstorm the ideas.
- In case the ideas could not be exercised, the operating team should inform the content team
immediately and both teams start to consider the back-up ideas. Any changes shall be announced
to other functional teams.
5. Technical issues - The event would be held in the evening so the rehearsal should start from the morning to make
could still take place on sure that everything is fine.
the on-site day despite - Getting the technical team ready for any further issues.
the rehearsals. - Downloading all the pre-recorded music/videos that could be done in advance in case of Internet
cutdown.
6. Decorations could be - Considering the feasibility of the decoration (the size, shape, etc.).
broken on the on-site - Using stronger glue to reinforce the decoration.
day.
 46

- Giving notice to team members and participants the place where there are easy-to-tear
decorations.
- Allocate a member to take charge of supervising and fixing the broken parts.
7. The MC could not be - Signing contracts with the MCs.
able to host the event on - Getting 2 back-up MCs from the project team as they know perfectly about the concept and
the on-site day. theme.
8. A key project team - Cross-training personnel on elements of one another’s job.
member could not be - Functional team leaders could take the place of that key project member.
able to work on the
project.
9. Conflicts could arise - Team leaders should seek out and address the conflicts before it could affect other activities.
between members of - Functional teams should hold meetings or get-togethers to understand the personalities and
functional teams due to characteristics of team members.
poor communication. - Team leaders should give feedback to any progress that has been done by members.
- Making sure that all team members understand the objectives or goals that the teams aim to.
- Team leaders should be empathetic when listening to team members' problems.
Moderate Risk
 47

10. The project budget - Signing contracts with the agreed sponsors.
could be reduced in the - Extending the sponsors seeking duration if the team could not find the appropriate sponsors.
middle of the project.
11. Team members - Functional team leaders should update and make a weekly brief report of the progress to the
could get lost in project core team.
tracking the progress. - Holding bonding activities like lunch, brunch, etc. for everybody to catch up the current situation
of team members.
- Team members should proactively ask for progress and feedback online and offline.
- Team members proactively inform the leader when getting lost in tracking for better solutions.
- Clearly expressing individual opinions, ideas, constraints, delaying reasons to the whole team.
- If the team members could not take time for the project, the leaders shall consider whether that
person could continue with the project or not.
12. Materials could get - Team leaders should notify the people in charge to carefully handle the fragile materials.
lost due to negligence. - Making a clear list of materials and informing everybody about the list.
- Materials should be gathered together at one place.
- Checking the amount of materials before ending all the tasks.
- In case of losing or missing: Expensive materials shall be borrowed; operating team shall seek
for an affordable replacement or repurchase within the budget limit. Operating team could seek
for replacement or repurchase the inexpensive items within the budget limit. The one who is in
charge of keeping the materials shall be liable for 50% of the value of the materials.
 48

13. Filming team could - Signing contracts with the filming team.
not attend on the on-site - Borrowing back-up equipment or team members could bring along their equipment for a back-
day. up plan.
- Getting the back-up equipment ready on the on-site day.
14. Performers could - Making a list of potential performers and calling in advance for availability.
cancel their appointed - Signing contracts with the chosen performance teams.
schedules. - Getting 2 back-up performance teams on ready.
Low Risk
15. Printing materials - Printing could be exercised once the decorating and sourcing plans are done, so they could be
could be delayed. completed in advance.
- In case of wrong printing, operating team could ask for re-printing and the duration could be
extended to 2 days before the on-site day.
- Making a list of potential printers for replacement.
 49

REFERENCES

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[2] Clark, Wallace (1922). The Gantt Chart: A Working Tool of Management. New
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[3] Evtodieva, T. E., Davydova, N. N., Videneeva, S. V., & Fedorov, V. A. (2016). The
Concept of Network Organization and Design of Networks in Logistics. International
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[5] Kelley, James; Walker, Morgan. Critical-Path Planning and Scheduling. 1959
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[6] Lee, J. Y., & Woo, S. H. (2019). The Impact of Power on the Relationships and
Customer Satisfaction in a Logistics Triad: A Meta-Analysis. The Asian Journal of
Shipping and Logistics, 35(4), 194-199.
[7] Morris, Peter W. G. (1997) [1994]. The Management of Projects. Thomas Telford.
ISBN 978-0-7277-2593-6.
[8] Pinto, J. K. (2015). Project Management: Achieving Competitive Advantage (4th
Edition) (4th ed.). Pearson.