Chapter 5 Ideas

Chapter 5 focused on how as a project manager, one should always be aware of the risks involved within a project. There are several key issues within this chapter, but much of it was reviewed during the class lecture.

1. Risk Management Process

The risk management process detail several key components that all projects should be well aware of. Essentially, we have to identify every risk involved, determine its seriousness, and develop a possible solution so that these risks do not affect the overall progress of the project.

2. "Anything that can go wrong will go wrong"

In everything that I do, I always plan ahead and try to get the job done as smoothly as possible. But in order to get things do, I always would have to consider the possibility of things going the wrong way. Essentially, plan for the unexpected, because plans are never set in stone.

3. Contingency Plan

As part of the risk management process, this step deserves a special mention as it is always good to have an alternate solution. In my opinion, contingency plan is simply "Plan B." Don't always think that everything would go according to plan, especially when known risks are involved. Therefore, one should always prepare in advance and come up with a "Plan B" for every risk.