Risk Management
Topics of Discussion
- What is a Risk?
- Types of Risk
- Risk Continuum
- Risk management process
- What proactive steps which can be taken to avoid it.
Activities in Class
- Discussed The term risk and the types of Risk
- Discussed some situations where people take Risk in order to achieve some objective.
- Discussed about the Risk management Process.
Reflection
of the Lecture
Today’s lecture was all about Risk Management. The lecturer
explained that Risk taking is a part of every human endeavor. If people aren’t
risk takers we wouldn’t have evolve and industrial revolution would have never
occurred without it. When the lecturer asked us to define the term risk I came
up with my own definition to define it. I presented my definition as “A Risk is
an action which has a positive or a negative outcome”. I learnt that there are
3 types of Risk which exists. Namely, Risk detection, avoidance and acceptance.
These 3 steps are common for any action taken as a risk by human. Risk
management is important for students when it comes for assignments and exams
because there is a limited time frame which you need to stick into and within
that time frame the appropriate outcome should be delivered. Therefore it is
important for all students to manage the Risk.
Figure 31 explains about the
Risk management cycle which is applicable for any type of Risk. When a person
wants to take a Risk and if he/she follows the above cycle Risk management
could be achieved at an optimum level. I also learned how to identify a
specific Risk. This lesson I taught today isn’t only applicable on projects but
our day to day operations where we try to achieve goals through risk taking.
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