Throughout lectures in the past we have been given definitions for topics we have worked on, although we understood what we were learning some of us never put it into practice until we went on work placement last year.
Risk management can be defined as a structured process that allows individual risk events and overall project risk to be understood and managed proactively, optimising project success by minimising threats and maximising opportunities.
So what does all that mean to you? Is it just words or does it have meaning? Last week in our lecture we went in as a class and were broken down into groups. We were given a box of Mind Storm Lego and we were told to build a robot and meet challenges and deadlines, if these challenges were not met on time we lost out in money (chips).
We were like a group of children trying to figure out how to build and programme the robot. Although we had fun doing it none of the groups in the class actually met the challenge. None of us knew why we were doing this? As fourth year students did we really think we were been brought together to build Lego? Something we have not done since we were children. We were actually in there to learn a valuable lesson in life. In project work time is money! Thought has to be put into everything we do! As a BIS student I must think business minded. I must use my experiences and all I have gained and learned throughout my four years in National University of Ireland, Galway.
It was a fun task….some projects in life will be more enjoyable than others but project management must be put into practice. Risk Management is a key to the success of projects. Had we discussed it as a group, counted out our money and spent our time and money wisely eliminating risks we could have been very successful. If we knew how much money we had we could have budgeted, we would have known we were not being robbed.
So when we found out the topic of the lecture was risk management we were all very sickened. Could it have been anymore obvious? When you are working on a project you need to think. You need to spend your time and money wisely to meet objectives and be successful. We need to spend our money wisely, especially in this economic recession. We had money to spend; we should have budgeted and spent it wisely. We should have prioritised. Had we spent a few chips exchanging knowledge with another group we could have met at least one of our challenges. The fact I didn’t know how much money I had, how could I plan on what I was going to spend it on?!
I know this project was a small project but it still shows no matter how big or how small a project is in an organisation it will fail if the basic tasks like project management are neglected. Time must be managed carefully, projects must be planned accordingly. Risk must be eliminated and all the aspects of risk management must be taken into consideration such as Risk Identification, risk Analysis, and Risk Response Planning.
Risk management can be defined as a structured process that allows individual risk events and overall project risk to be understood and managed proactively, optimising project success by minimising threats and maximising opportunities.
So what does all that mean to you? Is it just words or does it have meaning? Last week in our lecture we went in as a class and were broken down into groups. We were given a box of Mind Storm Lego and we were told to build a robot and meet challenges and deadlines, if these challenges were not met on time we lost out in money (chips).
We were like a group of children trying to figure out how to build and programme the robot. Although we had fun doing it none of the groups in the class actually met the challenge. None of us knew why we were doing this? As fourth year students did we really think we were been brought together to build Lego? Something we have not done since we were children. We were actually in there to learn a valuable lesson in life. In project work time is money! Thought has to be put into everything we do! As a BIS student I must think business minded. I must use my experiences and all I have gained and learned throughout my four years in National University of Ireland, Galway.
It was a fun task….some projects in life will be more enjoyable than others but project management must be put into practice. Risk Management is a key to the success of projects. Had we discussed it as a group, counted out our money and spent our time and money wisely eliminating risks we could have been very successful. If we knew how much money we had we could have budgeted, we would have known we were not being robbed.
So when we found out the topic of the lecture was risk management we were all very sickened. Could it have been anymore obvious? When you are working on a project you need to think. You need to spend your time and money wisely to meet objectives and be successful. We need to spend our money wisely, especially in this economic recession. We had money to spend; we should have budgeted and spent it wisely. We should have prioritised. Had we spent a few chips exchanging knowledge with another group we could have met at least one of our challenges. The fact I didn’t know how much money I had, how could I plan on what I was going to spend it on?!
I know this project was a small project but it still shows no matter how big or how small a project is in an organisation it will fail if the basic tasks like project management are neglected. Time must be managed carefully, projects must be planned accordingly. Risk must be eliminated and all the aspects of risk management must be taken into consideration such as Risk Identification, risk Analysis, and Risk Response Planning.
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