Final answer:
Conducting a feasibility study for hosting a motorcycle race resides in the initiation phase of project management, which involves stakeholder buy-in and understanding the project plan.
Step-by-step explanation:
Conducting a feasibility study for hosting a motorcycle race fits into the initiation phase of project management. This phase involves the initial evaluation of a project's value and feasibility. The events company needs to ensure buy-in from all stakeholders. This includes not only internal team members but also external parties such as community stakeholders and participants like motorcyclists, who are critical to the race's success.
Ensuring buy-in involves communicating the project plan, conducting multi-day training sessions to discuss processes and survey designs, and actively soliciting feedback. Researchers and community stakeholders need to understand and support the project plan for it to succeed.
Furthermore, considering the potential for agency staff turnover, it is imperative to have a robust engagement strategy to maintain project consistency and momentum. With an effective feasibility study, the events company can minimize risks and set the foundation for a successful motor-cycle race event.