PROJ 6000 - Reflective Journal on Project Management Methodologies

This reflective journal explores the student's understanding of project management methodologies and techniques. It delves into the challenges of grasping risk management, highlighting qualitative and quantitative analysis. The journal details the student's journey to understanding risk analysis throu...Read More

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RELECTIVE JOURNAL ON PROJECT MANAGEMENT METHODOLOGIES AND
TECHNIQUES
Presented by
Student affiliation
Supervisor
27th April 2018

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The project management subject matter that was difficult to understand was on risk management
that involved qualitative and quantitative analyzing risks facing projects. Andrew (2014) defines
risks as uncertainties both negative and positive that influence project performance. The risk
analysis is part of project risk management applicable in projects; it involves a process of
ascertaining the magnitude of the risk in terms of effects on project activities. I was able to
understand the concept by carrying out research and visiting risk experts who are involved with
risk analysis and evaluation. Through literature review on risk management books it gave me an
in depth understanding of how risks are analyzed the techniques and methods that are available.
Example of tools used in analysis of risks that I identified include: risk data quality assessments,
risk categorization, risk urgency assessments and expert judgment (PMI, 2013). By consulting an
expert on risk analysis and evaluator I was able to understand how analysis of risk is done
practically through both qualitative and quantitative in insurance industry.
The knowledge gained in risk evaluation has been useful in management of projects. Every
project is faced with risks that need to be mitigated before it actually cause losses or derail
performance. Risk analysis is critical in risk management process and knowing it provides a
much better way of making decisions on challenges facing projects (Bourne, 2015). Through
learning in class I able to establish a means of setting priorities in order to draft a risk response
plan. This was through performing a ranking method to analysis risks. I can be able to analysis
risks using the probability and impact matrix. A tool that is used to analyze risk in terms of risk
like hood of occurrence and impact it may cause when it occurs. Risk analysis has provided me
with a framework that I can use to mitigate future risks facing projects. The strengths I identified
is on how to identify, evaluate and mitigate the risks, but the weaknesses I identified is how to
draft and documenting a risk register using relevant project management software’s.
In projects there are different types of leadership styles that can be used for team management.
Some of them include: democratic, participative, interactive, bureaucratic, and autocratic
leaderships (Pritchard, 2013). In projects, democratic leadership is characterized by stakeholders
are given opportunity to be freely active in any endeavors. In participative it is more similar to
democratic where stakeholders are given equally chance to make their contributions. Interactive
is a style of leadership where stakeholders socialize at work in unison in making project work
while in bureaucratic leadership rules and policies are applied in running of the project. In

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autocratic type of leadership stakeholders are not given chance to make their contributions it is
more centralized (Bourne, 2015). There are different types of project but they are classified into
categories for example: sectorial projects (agriculture, industrial), public-private projects, and
long-short term projects. Each of the categories can generate numerous types of projects by
name. Examples of projects in sectorial category can be water projects, stadium construction
while in public- private projects are those sponsored by public funds or private funds. In long-
short term projects it is depended on the number of years to complete the projects. The
appropriate leadership style for projects is participative. It is appropriate because it allows all
stakeholders to make their own contributions towards the success of the project (Bourne, 2015).
If the type of leadership style is allowed in projects it can lead to increased project sustainability,
ownership and creative ideas being generated which is helpful in making success in projects.

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References
Andrew, F. (2014). Effects of risk management in projects. New York: Mc Graw Hill.
Bourne, L. (2015). Making projects work:effective stakeholder and communication management.
New Delhi: CRC press.
PMI. (2013). A guide to project management body of knowledge . Newtown Square: PA: PMI.
Pritchard, C. (2013). The project management communication toolkit. New York: Artech House .