In a wonderful joint initiative by our Faculty of Engineering, SEGi Group of Colleges has introduced a unique learning technique for the management of risk which we have developed in collaboration with our partner, the University of Sunderland.
Following this great milestone, we recently conducted a guest lecture for our students taking the subject Professional Engineering Management Technique (EAT340) where we invited Dr Helen Scott, Senior Lecturer at the David Goldman Technology Centre of the University of Sunderland to speak on the subject of managing project risks, highlighting risk-management techniques.
In the field of project management, managing risks is a crucial process as issues will inevitably happen, and a mitigation strategy must be in place to manage any risk. Project-risk management is the process of recognising, analysing, and responding to any risk that develops during the course of a project’s life cycle in order to ensure that the project stays on track and accomplishes all its objectives.
A risk is anything that could potentially impact a project’s timeline, performance, or budget. Risks are possibilities, and when they become realities in project management, they are classed as “problems” that must be addressed. Risk management is therefore the act of recognising, categorising, pprioritisin and planning for risks before they become concerns.
Risk management can take many form depending on an individual project. Risk-management solutions for large-scale projects may require considerable thorough planning for each risk to ensure that mitigation strategies are in place if problems develop. Risk management may be as simple as a prioritised list of high, medium, and low priority hazards for smaller projects.
The lecture also covered the concept of risk tolerance, such as how much risk a project team is willing to accept when designing innovation-related project. This is because innovation-related projects have elevated appetites for risk, and project managers must strategically spread the risks across the various portfolios of the project.
The lecture concluded with Industry 4.0 and its related risks which include the sensitivity and vulnerability of data, the lower number of qualified workers, attacks from Internet networks, data losses, and errors in data processing. This session ways a wonderful opportunity for our students to understand the various techniques in managing project risks and risks related to innovation projects.
We would like to thank Dr Scott and the University of Sunderland and our School of Engineering for making this lecture a success.