Module Name: Reflective Journal on Risk Management for Project

This reflective journal explores risk management in the context of project management, focusing on risk identification, mitigation, and contingency planning. The assignment discusses the importance of understanding risk events and implementing strategies to overcome them, referencing the NASA Mars Climate Orbiter as a case study. Key concepts covered include baseline cost estimation, earned value analysis, and root cause analysis. The student reflects on the benefits of a risk management approach, particularly the use of contingency plans, and acknowledges areas for further learning, such as system engineering and technology analysis. The journal highlights the practical application of risk management knowledge and suggests the inclusion of a risk register for enhanced project risk evaluation and treatment. Overall, the assignment demonstrates an understanding of risk management principles and their application in project settings.

Running head: REFLECTIVE JOURNAL
Reflective Journal on Week 6
Name of the Student:
Name of the University:

1REFLECTIVE JOURNAL
Week 6: Risk Management
This week 6 is recommended reading on the risk management presented to
provide idea on identification of the risk events and determine mitigation
steps to overcome with it (Kerzner 2017). This week reading provides a clear
example of the NASA Mars Climate Orbiter where it describes about the
cost risk. In this week, only risk management monitoring and controlling
methods are mentioned, and their steps to manage risks.
The
Insight
Describe
This week topic provides me an understanding of the project management.
Most interesting things I learned about the risk identification methods as
baseline cost estimation, earned value analysis, root cause analysis, SWOT
analysis and others.
Interpret
The major benefit of this week understanding is a risk management approach
to take project related decisions when there is risk events occurred (Qazi et
al. 2016). In order to mitigate the project risks, I apprised the risk
contingency plan in the risk management. I learned that risk contingency
plan is being executed when the risks are presented itself. I found it difficult
to know gain understanding about the system engineering, technology
analysis and others as I have less knowledge on the technical field.
Evaluate
I believe that my understanding of the risk management is useful for my
course and I can also use my knowledge and skills to mitigate and overcome
with the project risks. It would be better if there is mentioning of the risk
register concepts in the project to identify and analyze the risk, evaluate
identified project risks and treat the risks by mitigating them.
Plan

2REFLECTIVE JOURNAL
References
Kerzner, H., 2017. Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Qazi, A., Quigley, J., Dickson, A. and 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), pp.1183-1198.