UCT/GetSmarter Project Risk Management Assignment Solution

This assignment delves into the critical aspects of project risk management. The student's solution begins by outlining their approach to risk management in a previous project, emphasizing the importance of identifying potential risks and developing corresponding mitigation strategies. The student discusses the advantages of this approach, such as early risk identification and the creation of mitigation strategies, while also acknowledging its major drawback: the time-consuming nature of the process, which can potentially lead to increased project costs. The student then reflects on how they would modify their approach based on their learnings, highlighting the need for efficient project management and the integration of enhanced system thinking concepts. The assignment is based on the provided course material which covers project risk management, including risk identification, analysis, and response planning. It emphasizes the importance of risk management for the project's scope, cost, time, and quality.

Running head: MANAGING PROJECT RISK IN PROJECT MANAGEMENT
MANAGING PROJECT RISK IN PROJECT MANAGEMENT
Name of the Student
Name of the University
Author Note

1MANAGING PROJECT RISK IN PROJECT MANAGEMENT
How did you construct your plan in a previous project?
The previous project that was carried out was focused entirely on managing the risks
within a project. In order to plan the project it becomes essential to identify the potential risks
that are likely to arise within a project. The project plan is made in such a way that it will be able
to ensure that the developed project is able to meet the expectations of the customers (Varajão et
al., 2017). The project is divided in several parts so that it can be executed within the time and
within a fixed budget. Once the identification has been done effectively then there is a need to
prepare and formulate risks responses that will help in the evaluation process (Cagliano,
Grimaldi & Rafele, 2015). For the purpose of identifying the risks it becomes very much
important to apply proper risk management methodologies so that it can provide better support
towards the development process of the project. The project risk management methodology is
used for the purpose of defining the risks that arises within the project.
What are the advantages and disadvantages of this approach?
Risk management in project management is being used for the purpose of identifying the
issues faced within the projects. The risks that are faced with the project needs to be managed
effectively so that it can provide a better support towards the project development process. The
main advantage that is obtained with this risk management process is that it helps analyzing the
risks at first stage and based on that mitigation strategies are offered towards the project. This
ensures that risks are mitigated successfully and the project is executed successfully (Qazi et al.,
2016). However beside this benefit there is one major drawback associated with risk
management process that is time. The risk management process is considered as one of the most
time consuming process as this is divided into different parts. The first phase includes identifying
the risks, then comes understanding the risks and the last stage is mitigating the risks with proper

2MANAGING PROJECT RISK IN PROJECT MANAGEMENT
solutions. With the increase in time it is expected that the budget of the project will also increase.
Hence this aspect is considered as one of the major drawback that can lead to failure of a project.
In what ways do you feel you could change your approach based on what you have
learned?
While carrying out a project it becomes very much vital to identify the risks that are
likely to come along with the implementation of a project. Thus there is a huge need to make
sure that efficient approach has been implemented for the purpose of managing the projects. The
project can be enhanced with the implementation of new and enhanced system thinking concepts
(Tomanek & Juricek, 2015). The project approach that has been selected is needed to be
managed properly effectively as this will help in organizing the project effectively. The project
execution and risks management is considered as one of the crucial project aspects as it helps in
managing the risks that are likely to arise within project.

3MANAGING PROJECT RISK IN PROJECT MANAGEMENT
References
Cagliano, A. C., Grimaldi, S., & Rafele, C. (2015). Choosing project risk management
techniques. A theoretical framework. Journal of Risk Research, 18(2), 232-248.
Qazi, A., Quigley, J., Dickson, A., & Kirytopoulos, K. (2016). Project Complexity and Risk
Management (ProCRiM): Towards modelling project complexity driven risk paths in
construction projects. International Journal of Project Management, 34(7), 1183-1198.
Tomanek, M., & Juricek, J. (2015). Project risk management model based on PRINCE2 and
SCRUM frameworks. arXiv preprint arXiv:1502.03595.
Varajão, J., Colomo-Palacios, R., & Silva, H. (2017). ISO 21500: 2012 and PMBoK 5 processes
in information systems project management. Computer Standards & Interfaces, 50, 216-
222.