Unlike any other project, London Olympic was not a usual project but had many requirements associated with sports, organization, venues and infrastructure, financing, ticketing, tourism as well as branding. In addition, the key requirements of this project were the construction of venues as well as infrastructure, development of public transportation systems and the finances. Although, it was one of its kind’s project, but at the end, London made it. The success of this project can simply be noted from the fact that the entire project was delivered on time as well as within the financial budgets and resources. Moreover, significant contribution was made by thousands of volunteers, no such ...view middle of the document...
In addition, the instabilities in Middle East region and establishment of numerous regional groups were also one major threat for this event and for this project (Olymponomics, 2008).
In order to respond this risk, the International Olympic Committee (IOC) obtained the insurance for the entire London Olympic 2012. According to the President of IOC, ‘taking out a policy to manage the risk associated with one’s core business is standard, prudent behavior for any modern organization’.
The findings further revealed that the total investment made in the security of such nearly GBP 600 million were invested for this purpose. In addition, the findings further revealed that this security budget was 5 times higher than Olympics in 2000 which was organized in Sydney. Moreover, the Olympic Security also played a key role in ensuring that every activity of this project is secure and threat free (House of Commons, 2007). Following on, the findings further revealed that in total million of pounds were invested to ensure that every venue of this mega event if fully protected. LOCOG invested GBP 29 million and UK government spent GBP 282 million to protect all the events from any terrorist activities. In total over 23,500 security guards were provided to all the venues to protect such mega event from any terrorism activities (Olymponomics, 2008).
Construction, Transport, and Infrastructure:
In addition to the above, construction of all the sports venues, development of transportation system as well as the entire infrastructure was also one major challenge and risk that was associated with the project. The primary reason of this is the fact that constructing the entirely new venue, construction of new hotels as well as development of transportation system is not an easy task. In the past, similar projects have failed to deliver these expectations which caused huge financial losses (House of Commons, 2007).
In order to respond this issue, Olympic Delivery Authority (ODA) was leading the all the activities associated with construction, transportation as well as infrastructure. In addition to the above the ODA committee also focused on the timely implementation of London Blueprint. Moreover, the ICO also forced to implement the Master Schedule which was also followed to ensure that all the activities associated with this risk can be completed on time (Olymponomics, 2008).
The findings further revealed that the best part of construction of venues was the fact that 60% of the initial construction already existed. Therefore, it was only the matter of remaining 40% which was started in mid 2008 and completed by the same season in 2011, month before the opening ceremony (House of Commons, 2007). London learnt its lesson from the failure of Wembley stadium project which could not be delivered on time and caused millions. However, despite all the initiatives and controls, the cost initially budgeted was also increased, but somehow this project was managed to be...