Project Risk Management: Analyzing Student Posts and Risks

This assignment presents a critical reflection on two student posts regarding project risk management. The first post defines risk management, categorizes risks (internal and external), and uses the Hong Kong airport case to illustrate technical risk. The second post examines the importance of risk management in IT projects, highlighting its benefits and discussing the significance of both management and technical risks. The reflection provides agreements and disagreements with the students' viewpoints, adding insights on strategic, operational, and accidental risks, and emphasizing the benefits of risk management in project delivery and quality enhancement. The document references relevant literature to support the analysis.

Running head: PROJECT RISK MANAGEMENT
Project Management
Name of the Student
Name of the University
Author Note

1PROJECT RISK MANAGEMENT
Critical reflection on the post of the Student 1:
In this discussion, the author has described the process of the risk management. The
author has given a complete statement of the risk management which I completely agree
with. The author of this paper has described and classified the risks in two generalized
categories which are the internal risks and the external risks. In this case, the author has stated
completely right information about the risks of the project, but the author has missed other
classification of risk management which is the strategic risks, operational risks, economic
risks and the accidental risks (Cooper et al., 2014). To describe the internal risks briefly the
author of this paper selected the tone of the internal risk which is the technical risk. In the
context of the technical risk, the author stated the incident of the Hong Kong airport case in
which the company faced $600 million loss in the business for some technical glitches. I
believe that this is an appropriate example of the technical risk which the author presented
beautifully. In this document, I agree with the comments of the author regarding the statistics
of the budget of the IT projects, but the author missed the total number of considered IT
projects for this statistics which are very much important (Bloch, Blumberg & Laartz, 2012).
Critical reflection on the post of the Student 2:
In this paper, the author has stated the affectivity of the project risk management in
the context of the IT projects. As per the statement of the author, the risk management
process for a project is considered because it provides the prerequisites of the project. I
completely agree with this statement, but the author missed vital information in this case. The
risk management technique also provides various benefits to the project which helps the
project to complete successfully which the author completely missed mentioning in this case
(Lam, 2014). The author of the document also elaborated that the main status of the risk
management is based on the problems related with the management rather than the technical

2PROJECT RISK MANAGEMENT
issues. In this part of the document, I do not agree with the statement of the author.
According to me technical risks holds the same importance as the management related risks
issues as the technical risks are the part of the internal risks (Boutellier & Heinzen, 2014). As
per the statement of the author, the rubrics of the risk management techniques help to
improve the quality of the project which is true obviously. Still, the author missed one more
benefit of the of the risk management which is that it helps to deliver the project in time by
assessing the risks (Haimes, 2015).

3PROJECT RISK MANAGEMENT
References:
Bloch, M., Blumberg, S., & Laartz, J. (2012). Delivering large-scale IT projects on time, on
budget, and on value. Retrieved from https://www.mckinsey.com/business-
functions/digital-mckinsey/our-insights/delivering-large-scale-it-projects-on-time-on-
budget-and-on-value
Boutellier, R., & Heinzen, M. (2014). Technical Risk Management. In Growth Through
Innovation (pp. 213-224). Springer, Cham.
Cooper, D., Bosnich, P., Grey, S., Purdy, G., Raymond, G., Walker, P., & Wood, M.
(2014). Project Risk Management Guidelines: Managing Risk with ISO 31000 and
IEC 62198. Wiley Global Education.
Haimes, Y. Y. (2015). Risk modeling, assessment, and management. John Wiley & Sons.
Lam, J. (2014). Enterprise risk management: from incentives to controls. John Wiley & Sons.