Summative Discussion Board

Running Head: Summative Discussion Board 1

Title: Summative Discussion Board

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Running Head: Summative Discussion Board 2

Through this course, I have come to the conclusion that risk management is an integral

part of project management. It is true that no project is risk-free. As such, it is prudent to ensure

that measures are put in place to curb these risks. The goal of having a risk management plan is

to eliminate those risks that can actually be eliminated and reduce the impact of those that cannot

be eliminated completely.

This course has introduced me to various topics regarding risk management. These

include risk Management Justification, Project Risks Identification, Project Risks Assessment,

Project Risks Responses Strategy and Project Risks Responsibility Plan. Others also include

Project Risks Monitoring & Control Plan, Project Risks WBS & Budget Updates and Project

Risks Communications Plan. Of all of these, I believe the most important ones are those that

regard the identification and mitigation of risk.

For instance, through project identification and assessment, project leaders are able to

identify potential risks that could cause harm to their projects. All projects have goals and

objectives that need to be achieved in the end. Risks are bound to be experienced along the way,

and they often tend to slow down or even halt the whole project. To avoid this, project managers

need to conduct a reconnaissance that will help them identify some of the most common risks

they are bound to experience. It is important to note that risks come in different forms. The most

dangerous of risks are those that are unknown. These cause the most damage and should always

be noted before it is too late. Having a risk identification process is therefore a key stage of any

project. The other important topic is the one regarding mitigation strategies. It is pointless to

simply identify the risks and do nothing about them. The process of mitigating these risks is

therefore equally important. (McNeil, Frey, & Embrechts, 2015).

Running Head: Summative Discussion Board 3

Participating in these discussions helped me get a better understanding of how to actually

manage risk. It is not just about identifying the risks and making plans to mitigate them. It is

important to assess the risks, place them on a scale based on the nature of impact as well as their

likelihood of occurrence. This will give project leaders a better look at the risks posed and offer

them a better response strategy to apply. It is always important to yield enough additional

information regarding a type of risk faced in a project. Incorporating scientific methods of

research could prove valuable as far as this is concerned. (Dinu, 2015).

Running Head: Summative Discussion Board 4

References

Dinu, A. M. (2015). The Importance of Risk Management in Projects. Calitatea, 16(S3), 162.

McNeil, A. J., Frey, R., & Embrechts, P. (2015). Quantitative risk management: Concepts,

techniques and tools. Princeton university press.

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