Assignment 1: Weeks learning objective
The topic for this week was risk management. The coverage of this topic was based on three objectives i.e.
In order to ensure the achievement of proper coverage of the risk management topic, we were given a few steps that should be followed during the entire risk management process. The first step that should be followed when carrying out risk management is to come up with a risk management plan. This step is important since it involves the formulation of the strategy that will be followed during the entire risk management process.
After the formulation of the risk management plan, we covered the next step of the risk management process which is the learning how to identify the risks that may face an organization. When covering this area of the topic, there were several methods of identifying risks that were learnt. These methods included the use of interviews, brainstorming and Delphi technique to identify potential risks that may face the business
The next sub-topic learnt after learning how to identify risks was to learn how to analyze risks. In summary, risk analysis involves examining all the potential risks that have been identified to determine the likelihood or probability of occurrence and, thereafter, determining the significance of the impact they may have on a business if they occur.
After learning how to conduct a risk analysis, we proceeded to the next step of the risk management process which is was to find out the various ways of responding to risks. In general, we learnt of four main options of responding to risks. These options include accepting, avoiding, controlling or transferring risks.
The last subtopic learnt this week was to obtain knowledge on how to monitor and control risks. At this stage of the topic, the issue of tracking and evaluating the performance of the various measures of responding to risk is covered and discussions are done to come up with ways of improving any shortcomings that may be present within the risk response plans that are being used currently.
As mentioned above, the main topic that was covered this week was risk management. The coverage of the various stages that are involved in the risk management process was very crucial in ensuring that the objectives of learning this topic were met. After the completion of the risk management topic, an in-depth knowledge was obtained on how to identify, respond, monitor and control the potential risks that may face a business.
Assignment 2: Page Summary
Coverage of the topic on risk management made me learn a number of things. First, I learnt that all businesses face a number of risks in their business environment. Some of these risks may eventually occur and any business that hasn’t come up with measures of mitigating the negative effects that may arise from the occurrence of these risks is bound to incur major losses. I, therefore, learnt that it is important for the management of a business as well as its workers to have adequate knowledge on how to establish appropriate measures that will enable them to mitigate the effects of the occurrence of a risk.
During the coverage of this topic, I learnt the application of the various steps involved in the risk management process inside the work place. For example, I learnt how organizations could come up with an effective risk management plan that could be used to mitigate the negative effects of the potential risks they face. Knowledge on the topic of risk management is also used to determine the appropriate techniques that will be used at the work place to identify risks. The knowledge obtained from a study of the topic of risk management could also be used by employees or managers of a certain organization to determine the best course of action they could take to respond to a risk. Finally, organizations could use the knowledge obtained from risk management to come up with appropriate strategies of monitoring and controlling the risks they face.
I could also apply the knowledge I have obtained from the coverage of the risk management topic in my personal life. This is because, at some points in my life, I am bound to carry out some personal projects. I could also start some business which will inevitably face a number of risks. In addition, I also face a number of risks in various aspects of my personal life. The knowledge I have obtained from the coverage of the risk management topic, will enable me to identify the specific risks that I may face. I will also be able to come up with appropriate risk responses as well as ways of monitoring and controlling the risks I may face in my personal life.
Kerzner, H. (2009). Project Mangement: A Systems Approach to Planning, Scheduling and Controlling, Tenth Edition. New York: John Wiley and Sons Inc.
Project Management Institutte. (2000). A guide to project management body of knowledge. Pennsylvania: Project Management Institutte, Inc.