University Reflective Journal: Risk Management in SBM1202

This assignment is a reflective journal entry by a student, focusing on the key concepts of risk management as discussed in the SBM1202 course. The student reflects on the importance of risk management in successful project execution, drawing from lectures, readings, and additional research. The journal entry describes the risk management process, including risk identification, assessment, monitoring, and control. The student emphasizes the role of scenario analysis and the benefits of understanding and managing risks to eliminate potential issues in a project. The reflection uses the DIEP strategy (Describe, Interpret, Evaluate, Plan) to analyze the learning experience, highlighting the gained knowledge about risk management tools, techniques, and their application, and how this knowledge will contribute to future work as a project manager. References are provided to support the student's understanding and insights.

Running head: REFLECTION
Project Quality, Risk and procurement Management
Name of Student
Name of University
Author Note

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REFLECTION
This week’s recommended readings on risk management has provided a clear idea and
understanding of the key concepts of risk management process. The importance of risk
management is presented by discussing the lesson learnt from NASA. The mismanaged risk
control process described in the case example has established the need of managing the key risks
in a project and the project. The lecturer has detailed the need of risk identification. The sources
of information that can be used for identification of the potential source of risk. The lecturer
notes has provided a significant idea of the key methods that can be applied for management of
the project. The methods include baseline cost estimate, brainstorming, cost analysis, earned
value analysis and others.
Understanding the importance of risk management in successful project execution is
critically important for effective project management (Marcelino-Sádaba et al. 2014). This is
because, risk assessment and analysis is a systematic process that aims in estimation of the level
of risks that might affect the normal execution of the project. Proper risk management allows the
project managers to eliminate some of the most common causes of project failure and therefore,
risk register is considered to be an important project management tool (Carvalho and Rabechini
Junior 2015.). The lecture notes and the mandatory readings of this week has indicated that
scenario analysis is the most common technique for management of the project risks.
A major benefit of understanding the role of risk management in project management is
that it might provide the needed idea and understanding about the process in which the key issues
in an undertaken project can be eliminated (Pritchard and PMP 2014). Apart from the lecture
notes I have accessed other secondary resources to get an idea of need of a planned risk
management process. I found the topic of risk management quite interesting and I wish to learn
more about this concept. I have gained a detailed knowledge about the basis phases of risk

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REFLECTION
management which are risk identification, assessment, monitoring and control. Risk management
process is mostly implemented in a step wise manner to ensure successful risk elimination from a
project (Zhang 2016.).
I believe that the knowledge that I have gained regarding the process, tool, techniques
and procedures of risk management will help me to work as a project manager and will further
help me to manage the key project risks in an efficient manner. I have gained a detailed
understanding of the critical aspects of risk management which will contribute to my work as a
project manager in future.

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REFLECTION
References
Carvalho, M.M.D. and Rabechini Junior, R., 2015. Impact of risk management on project
performance: the importance of soft skills. International Journal of Production Research, 53(2),
pp.321-340.
Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A.M.E. and Villanueva, P., 2014. Project
risk management methodology for small firms. International journal of project
management, 32(2), pp.327-340.
Pritchard, C.L. and PMP, P.R., 2014. Risk management: concepts and guidance. CRC Press.
Zhang, Y., 2016. Selecting risk response strategies considering project risk
interdependence. International Journal of Project Management, 34(5), pp.819-830.