Introduction
Fundraising has been essential for a lot of organizations, particularly charities and non-profit making organizations. Numerous organizations opt to host fundraising events to gather for expenses for needed programs or services. Raising funds have several other benefits besides securing funds for the entities. A consistent and solid fundraising plan assists the organization to spread its mission and to achieve its goals (Larson, & Gray, 2011).
This paper will examine Student Fundraising-Project Case Study and discuss and study next steps that the Council of Fraternities and Sororities (CFS) need to take. It will also evaluate three fundraising projects CFS can take to achieve their goals in the upgrade of pediatric intensive care unit in the local hospital.
It will then access and discuss the possible risks of one of the projects and consider now they can affect its success. Finally, it will conclude with a risk management plan that addresses previously mentioned risks by the council.
What would you recommend for the next possible step?
Since the project is still in its initial phase, the Council of Fraternities and Sororities (CFS) at Mount Clement University need to first develop fundraising event ideas and agree on the most suitable idea. They should select criteria to ensure that maximum amount of funds are raised by outlining the real issues concerning the upgrade of pediatric intensive care unit in a local hospital (Mixer, 2008).
CFS need to elaborate a more detailed guideline that outlines the management individuals of the event, schedule such as contractor requirements structure, a network diagram of the project, budget details and original assessment matrix of the local hospital's pediatric intensive care unit. It might be of great benefits to also revisit previous fundraising events hosted by the hospital to learn about the potential risks and introduce their findings into their risk management plan. Next, they should prepare for the execution phase by assigning activities and tasks to individuals and monitoring their progress regularly. Accountability and communication among the team members should be enhanced to avoid any form of ambiguity in the fundraising event (Nevitt, Fabozzi, & de Sury, 2005).
Identify three potential projects to raise funds for the hospital pediatric intensive care unit
Participants' runs can be a great fundraising project since it requires a relatively low amount of resources compared to other complicated events. CFS need to acquire a permit and a course that is easy to promote and can attract a lot of participants as well as choosing the right date and season to host the fundraising event.
Other factors to consider are sufficient parking slots and good public transportation options to enable the participants easily access the event. In addition to physical resources such as safety and tables, they also need to recruit volunteers to provide directions, provide first aid and process registration, act as course marshals, distribute water and snacks and ensure the safety of participants as well as present awards to winners (Larson, & Gray, 2011).
CFS can promote this project using social media, the traditional word of mouth, students email, radio, students' portal, internet and distribution to brochures throughout the nearby businesses, churches and campuses. Another project that CFS can hold is a benefit concert even though it may be slightly expensive and it may need more resources such as finding sponsors, securing a good place, advertising the fundraising event and bringing performers.
In addition, CFS need to ensure that the concert is well organized and the tickets are sold days before the event otherwise, they will incur losses in case of generating profits for the project. To save the costs of the event, they can check with the university administration to see if they can use one of their auditorium and parking slots at no cost. Lastly, they can provide dinner fundraiser, which is a small gathering where dinner tickets are sold or a bigger dimmed dinner where auctions and games are being performed (Nevitt, Fabozzi, & de Sury, 2005).
Among the three projects discussed above, participants' run may be the least complicated for CFS to complete. Nevertheless, this project, despite various benefits, brings serious risks that the council needs to take into consideration and prepare an appealing and positive response plan to mitigate or avoid the risks. Some of the risks associated with participants' run are (Carbone, & Tippett, 2004).
Participants' injuries
Unpredictable weather conditions
Low ticket sales
Shortage of volunteers and poor communication within them
Develop a response plan for how each of the four risks can either be avoided or mitigated
Below is a responsive plan template that CFS can refer to when dealing with response strategies on how to enhance opportunities and avoid, reduce or mitigate risks to the project. To be efficient and effective, response plans need to be timely, appropriate about the significance of the risk, cost effective, be agreed upon by all parties included, be assigned as the responsibility of a given individual, and it should be realistic within the project content.
Risk Response Plan
References
Carbone, T. A., & Tippett, D. D. (2004). Project risk management using the project risk FMEA. Engineering Management Journal, 16(4), 28-35.
Larson, E. W., & Gray, C. F. (2011). Project management: The managerial process.
Mixer, J. R. (2008). Principles of professional fundraising: Useful foundations for successful practice. Jossey-Bass Inc Pub.
Nevitt, P. K., Fabozzi, F. J., & de Sury, P. (2005). Project financing (Vol. 5). Euromoney Publications.
