There has been a great deal of research about the positive and (sometimes) negative impacts of fraternity and sorority (Greek) life on college campuses. Positive examples include: Greek life promotes a sense of belonging for freshmen and the opportunity to create what can sometimes turn into lifelong friendships. Networking is an integral part of the college experience and Greek life provides one of the strongest foundations for social interfacing with a network of peers. Greek organizations help build networks that often prove beneficial to students when looking for internships, employment, recommendations, or employees. . There are often many social events within Greek life that promote camaraderie and enjoyment for students. . Many fraternities and sororities stress academic excellence. . And, fraternities and sororities are usually very active in philanthropy, which is a beneficial experience for Greek members as well as the community. On the flip side of the coin, there are a number of issues with Greek life that are often perceived as less than positive. Examples include: The cost of belonging to a fraternity or sorority can be quite expensive, from the standpoint of dues, the cost of formals and other social events ... and even all the t-shirts that Greek members buy on a regular basis promoting their fraternity or sorority. . Another significant issue with Greek life is the perceived negativity of what actually goes in in Greek houses". While hazing is banned, the reality is that some sort of initiation activity is common within fraternities and can sometimes lead to detrimental consequences -- especially to new members. . There have also been tragic incidences reported of alcohol-fueled accidents and assaults within Greek houses which has contributed to the stigma of belonging to a fraternity or sorority. Assume that a group of students has applied to the Interfraternity Council to start a new chapter of a fraternity or sorority on the KU campus. As a member of the Interfraternity Council, you know this will be a rather arduous task to gain approval for the project. Please list 10 potential risks associated with this project, then analyze each risk in terms of its probability. Finally, for each risk identified in this project, please complete the final table in this exercise to classify the risk response strategy for each risk. ** Recall that risks may be positive or negative in nature! Example: Risk 1: There will not be enough students interested in the new fraternity or sorority. Description Risk Identifier Risk 1 Risk 2 Risk 3 Risk 4 Risk 5 Risk 6 Risk 7 Risk 8 Risk 9 Risk 10 HIGH Probability MEDIUM Risk 1 LOW LOW MEDIUM HIGH Impact Risk Response Strategies When selecting risk strategies, it is important to remember: Strategies must be timely. The effort selected must be appropriate to the severity of the risk; avoid spending more money preventing the risk than the impact of the risk would cost if it occurred. One response can be used to address more than one risk. Involve the team, stakeholders and experts in selecting a strategy. Risks can either be positive opportunities) or bring negative results to the project. For each of the risks you identified at the beginning of this project which are potentially negative to the project, determine the best strategy for handling the risk. Your choices are: A. Avoid - Eliminate the threat by eliminating the cause. B. Mitigate - Reduce the probability or the consequences of an adverse risk and increase the probability or consequences of an opportunity. C. Accept - Do nothing and say If it happens, it happens. D. Transfer - Make another party responsible for the risk through insurance, performance bonds, warrantees, guarantees, or outsourcing the work. Risk Identifier Risk 1 Positive or Negative? Risk Strategy Specific Actions to be Taken Risk 2 Risk 3 Risk 4 Risk 5 Risk 6 Risk 7 Risk 8 Risk 9 Risk 10 There has been a great deal of research about the positive and (sometimes) negative impacts of fraternity and sorority (Greek) life on college campuses. Positive examples include: Greek life promotes a sense of belonging for freshmen and the opportunity to create what can sometimes turn into lifelong friendships. Networking is an integral part of the college experience and Greek life provides one of the strongest foundations for social interfacing with a network of peers. Greek organizations help build networks that often prove beneficial to students when looking for internships, employment, recommendations, or employees. . There are often many social events within Greek life that promote camaraderie and enjoyment for students. . Many fraternities and sororities stress academic excellence. . And, fraternities and sororities are usually very active in philanthropy, which is a beneficial experience for Greek members as well as the community. On the flip side of the coin, there are a number of issues with Greek life that are often perceived as less than positive. Examples include: The cost of belonging to a fraternity or sorority can be quite expensive, from the standpoint of dues, the cost of formals and other social events ... and even all the t-shirts that Greek members buy on a regular basis promoting their fraternity or sorority. . Another significant issue with Greek life is the perceived negativity of what actually goes in in Greek houses". While hazing is banned, the reality is that some sort of initiation activity is common within fraternities and can sometimes lead to detrimental consequences -- especially to new members. . There have also been tragic incidences reported of alcohol-fueled accidents and assaults within Greek houses which has contributed to the stigma of belonging to a fraternity or sorority. Assume that a group of students has applied to the Interfraternity Council to start a new chapter of a fraternity or sorority on the KU campus. As a member of the Interfraternity Council, you know this will be a rather arduous task to gain approval for the project. Please list 10 potential risks associated with this project, then analyze each risk in terms of its probability. Finally, for each risk identified in this project, please complete the final table in this exercise to classify the risk response strategy for each risk. ** Recall that risks may be positive or negative in nature! Example: Risk 1: There will not be enough students interested in the new fraternity or sorority. Description Risk Identifier Risk 1 Risk 2 Risk 3 Risk 4 Risk 5 Risk 6 Risk 7 Risk 8 Risk 9 Risk 10 HIGH Probability MEDIUM Risk 1 LOW LOW MEDIUM HIGH Impact Risk Response Strategies When selecting risk strategies, it is important to remember: Strategies must be timely. The effort selected must be appropriate to the severity of the risk; avoid spending more money preventing the risk than the impact of the risk would cost if it occurred. One response can be used to address more than one risk. Involve the team, stakeholders and experts in selecting a strategy. Risks can either be positive opportunities) or bring negative results to the project. For each of the risks you identified at the beginning of this project which are potentially negative to the project, determine the best strategy for handling the risk. Your choices are: A. Avoid - Eliminate the threat by eliminating the cause. B. Mitigate - Reduce the probability or the consequences of an adverse risk and increase the probability or consequences of an opportunity. C. Accept - Do nothing and say If it happens, it happens. D. Transfer - Make another party responsible for the risk through insurance, performance bonds, warrantees, guarantees, or outsourcing the work. Risk Identifier Risk 1 Positive or Negative? Risk Strategy Specific Actions to be Taken Risk 2 Risk 3 Risk 4 Risk 5 Risk 6 Risk 7 Risk 8 Risk 9 Risk 10