Proj595 Risk Paper
Risk Assessment of Going Back to School
September 29, 2012
INTRODUCTION Risk is anything that can derail plans and keep a goal or mission from being accomplished. “Risk management is a discipline for identifying risks, assessing how serious or severe the risks are, and determining ways to address that uncertain future with a goal of avoiding or minimizing harm and financial losses” (Risk and Risk Management). Project management uses many tools to help with risk management but it’s also important to use risk management when making big life decisions, like making the decision to go back to school. There are many risks associated with going back to school that need to be considered. The need of further education and the investment of going back to school need to be considered. Not only that, but determining which school to go to and whether or not the degree will be beneficial after graduation need to be assessed. In this paper, we will explore the process of making the decision to go back to school and the risk management process associated with the decision.
RISK ASSESSMENT OF GOING BACK TO SCHOOL The first step to risk management is to determine the risks, or risk identification. There are numerous methods to determining risks associated with any project or decision. The methods can be broken down into researching historical projects, brainstorming, and interviewing others who have been involved in similar projects or decisions. In this particular decision to go back to school, I had a brainstorming session and also interviewed a couple of people who have been in similar situations to get their feedback and what happened for them. After the research and brainstorming session, I was able to identify four main risks: need, investment, school, and beneficial program (Cooper, D. F., Grey, S., Raymond, G., & Walker, P., 2005).
Risk Analysis The first risk identified in making the decision to go back to school is the need of further education.
September 29, 2012
INTRODUCTION Risk is anything that can derail plans and keep a goal or mission from being accomplished. “Risk management is a discipline for identifying risks, assessing how serious or severe the risks are, and determining ways to address that uncertain future with a goal of avoiding or minimizing harm and financial losses” (Risk and Risk Management). Project management uses many tools to help with risk management but it’s also important to use risk management when making big life decisions, like making the decision to go back to school. There are many risks associated with going back to school that need to be considered. The need of further education and the investment of going back to school need to be considered. Not only that, but determining which school to go to and whether or not the degree will be beneficial after graduation need to be assessed. In this paper, we will explore the process of making the decision to go back to school and the risk management process associated with the decision.
RISK ASSESSMENT OF GOING BACK TO SCHOOL The first step to risk management is to determine the risks, or risk identification. There are numerous methods to determining risks associated with any project or decision. The methods can be broken down into researching historical projects, brainstorming, and interviewing others who have been involved in similar projects or decisions. In this particular decision to go back to school, I had a brainstorming session and also interviewed a couple of people who have been in similar situations to get their feedback and what happened for them. After the research and brainstorming session, I was able to identify four main risks: need, investment, school, and beneficial program (Cooper, D. F., Grey, S., Raymond, G., & Walker, P., 2005).
Risk Analysis The first risk identified in making the decision to go back to school is the need of further education.
Cited: Cooper, D. F., Grey, S., Raymond, G., & Walker, P. (2005). Project Risk Management Guidelines: Managing Risks in Large Projects and Complex Procurements. Hoboken, NJ: John Wiley & Sons, Ltd. Risk and Risk Management . (2012). In Nonprofit Risk Management Center. Retrieved September 29, 2012, from http://nonprofitrisk.org/advice/faqs/risk-management2.shtml