Application in Project Risk Management - Report Example

The paper "Application in Project Risk Management" is a great example of a report on management. Effective project risk management enables a team or organization to figure out the relative strengths, weaknesses, opportunities, and threats of a project. By planning for uncertain occurrences, the team or organization can be well prepared to respond to such incidences if they happen. Therefore, successful project managers do understand the imperative value of risk management because realizing a project’s goals and targets rely on effective planning, preparation, and evaluation, which can lead to the accomplishment of strategic goals. In this reflective learning report (RLR), I seek to document the knowledge, skills, aptitudes, abilities, and experiences that I have personally acquired from the PMGT 5891 Project Risk Management course. The report will cover discussion forums, team activities, literature read, and other relevant resources explored throughout the course as well as an individual contribution on a number of topics. James Zull explains that reflection is a search for connections (p. 167) and asserts that considering the role of emotion can enhance the process of learning (2002, p. 169). Equally, John Zubizaretta (2004) suggests that learning portfolios aim at improving student learning by offering a structure for the learners to reflect systematically on the learning process and to build the aptitudes, skills, and habits that arise from critical reflection (2004, p.15).

Outline of Personal Objectives

The chance of something going contrary to the expected course or desired outcomes is quite inevitable. The Project Management Institute (2012a) suggests that comprehensive and adequate evaluation of risks and the execution of a successful risk response underlie the success of projects and programs. Organizations are expected to have strategic project risk management systems and practices in place to ensure delivery of projects within the stipulated schedules, budgets, as well as quality standards and requirements. Excellent project risk management programs and practices allow both the project managers and their team members to optimize the outcomes of the project by employing proven techniques and strategies to plan not only for opportunities but also to prepare for potential threats (Project Management Institute, 2012b). With this in mind, my personal objectives of this unit of study include:

• To be able to describe basic approaches, principles, and standards for project risk management and explain how they relate to the disciple of project management.
• To understand and apply knowledge of complex and diverse project management tools to my current and future professional practice and study.
• To professionally and effectively communicate to different audiences (or stakeholders), displaying in-depth comprehension of the field as well as the unique needs of various stakeholders in the project management discipline.
• To learn how to apply logical, critical, and creative reasoning to examine, synthesize, and apply theoretical knowledge and practical skills, to create proven practices and strategies to organizational challenges and concerns.
• To effectively collaborate with colleagues or other team members and exhibit intellectual independence and autonomy to address problems.

I am strongly content that most of these objectives were satisfied because of several reasons. First, the course imparted me with extra, formalized set of project risk management techniques that I can comfortably apply cost-effectively to detect, manage and mitigate risks to particular projects and programs that have fewer chances of proceeding to plan and implement without particular focus on threats and opportunities. These encompass most of the public and private projects that are more technology-oriented and involve a few million dollars, which implies that they are highly susceptible to many risks. Furthermore, this unit study enabled me to develop a potential framework for the application of professional risk management to both simple and complex projects. The course imparted to me the capability to identify and implement case-specific risk management techniques and tools within this risk management framework.