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The Importance of Risk management

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Risk management is hugely important to every project to identify all the potential risks. An uncertain event or set of circumstances if it occurs, will influence the achievement of the project objectives, which could be detrimental to the project success. “Risk management is the process of identifying, assessing and controlling threats.” Our project had many threats, so I decided it was important to create a risk assessment identifying what our threats were, why it was a problem, what we are doing to prevent it, the likelihood of it occurring and the severity of the risk if it occurred. A major issue that I did find with the risk assessment I produced is that I did not consider the consequences and how to deal with a risk becoming reality. Looking at APM’s risk process model, it is clear that my risk assessment is lacking the stage of planning our response to the risks occurring. One of the risks I determined was potential technical difficulties. Technical difficulties often occur in projects and was definitely a threat to our group using Prezi presentation. I had never used or even heard of this software before, and as great and visually appealing as I thought it was, I was concerned about how time-consuming it would be to learn using Prezi as opposed to using Microsoft PowerPoint, a platform I am very confident navigating. However, understanding the risk, I considered it important to learn something new, and after spending considerable time on Prezi, I quickly became confident in using it. I am glad that our team didn’t let this risk detour us from using Prezi as it was very popular at the exhibition and enables us to stand out. In this case, I learned that taking a risk paid off and I will continue be use Prezi presentation in the future.

Overall, I can say with faith that I believe our project to be a success. I have measured this by my group’s success criteria of: producing all key deliverables, meeting deadlines and positive feedback at the exhibition. I was delighted that our team won the best poster at the exhibition as it was a true testament to our individual creativity and cohesive teamwork. I was extremely lucky to have worked with such a great team, all consistently working hard and supporting each other throughout the project. I was pleased with how we showcased our exhibition and pitched our hard work with passion. I believe my input to have been to a high standard matching that of the rest of my team. I will take so much theory from this module into my placement year and future career, as taking part in projects and
project management is part of every different industry of business, enabling me to apply my new-found knowledge with confidence. Writing my this ICR enabled me to reflect allowing me to move from experiencing to understanding. Self-reflection helps me recognise the progress I have made, whilst allowing me to consider improvements I could potentially make and what I will take with me in the future.

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GradesFixer. (2018, November, 15) The Importance of Risk management. Retrived May 26, 2020, from https://gradesfixer.com/free-essay-examples/the-importance-of-risk-management/
"The Importance of Risk management." GradesFixer, 15 Nov. 2018, https://gradesfixer.com/free-essay-examples/the-importance-of-risk-management/. Accessed 26 May 2020.
GradesFixer. 2018. The Importance of Risk management., viewed 26 May 2020, <https://gradesfixer.com/free-essay-examples/the-importance-of-risk-management/>
GradesFixer. The Importance of Risk management. [Internet]. November 2018. [Accessed May 26, 2020]. Available from: https://gradesfixer.com/free-essay-examples/the-importance-of-risk-management/
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