Investigation On Risk Management For Liuzhou Grand Prix In China Of U.I.M. F1 H2O Powerboat World Championship

The Fl Powerboat World Championship (F1 PWC) is one of the international non-olympic events. It is full of competitiveness, enjoyment and excitement. The Liuzhou Grand Prix (LGP) of the F1 PWC has been continuously held for seven times in Liuzhou city, located in the midst of Guangxi Zhuangzu autonomous region, south of China, since its first event was successfully held in 2008. The event is greatly helpful to promote the city’s infrastructure, and to speed up the development of local service industry. In order to make the event better, the potential risks for LPG were investigated and the related suggestions were also supplied in this thesis with the view of risk identification and management. The main contents and results are summarized as follows:Firstly, the risk of financing of LGP, including over-reliance on government funding, the unmatch between the image as well as character of the main sponsor and the event itself, and the interrupt and breach of faith happened from the sponsorship.Secondly, the contract risk of LGP, including the contract terms refused to honor by both sides, which will lead to compensation; the improper performance of the contract terms, which will lead to the fault of event; the delay performance of the contract terms might gain the risk of operation; the interest risk from both tickets development and the licensed merchandise business of LGP.Thirdly, the risk got from schedule, personnel, and reception. schedule risk includes the lag and the improper choice of time; personnel risk includes mainly the safety of both athletes and audience; the reception risk comes from the differences of foreign affairs communication evolved in traditional cultures, religion and ideology from different countries.Fourthly, the risk caused from climate and environmental pollution, including the motorboat fuel, the damage caused by water spray, and the noise and so on.Finally, the risk caused from sports equipment and facilities, including customs, the functions of the base and the security of motorboat and the security from the event’s facility.Based on the analysis, the suggestions are given as follows:Firstly, the social and economic benefits of the Grand Prix should be considered in order to rich the funding in the event through the reinforce supervision for market operation of the contract by the organizers and government.Secondly, the personnel safety risk should be shifted through buying insurance and signing the disclaimer treatments. Thirdly, the environmental pollution should be disposed through the combination of prevention and treatment by government and enterprises, its methods include the treatment of oil vapor pollution on water surface, installing oil vapor emission on-line monitoring systems, developing the silencing equipment for motorboat, carrying out waste disposal operations, and controlling the industrial emissions in the city.Fourthly, in order to achieve the event’s goals, the cooperation among the relevant departments should be enhanced and coordinated by the organizing committee.Fifthly, the training evolving foreign affairs and etiquette to both staff and volunteers should be improved.Sixthly, the infrastructure functions should be perfected through speeding up the construction in Jinglan Base.Finally, the media equipment for signal transmission and technical support must be configurated so as to the correct information evolving the event can be obtained timely and the passion and attention to the Grand Prix can be improved increasingly.