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Satish Kumar Nagaraj
Reflection 1
Managing risks on projects is a process that includes risk assessment and a mitigation strategy for those risks. Risk assessment includes both the identification of potential risk and the evaluation of the potential impact of the risk. A risk mitigation plan is designed to eliminate or minimize the impact of the risk events occurrences that have a negative impact on the project. Identifying risk is both a creative and a disciplined process. (Watts, A. 2014)
Risk Management processes:
The risk management process is a framework for the actions that need to be taken. There are five basic steps that are taken to manage risk; these steps are referred to as the risk management process. It begins with identifying risks, goes on to analyze risks, then the risk is prioritized, a solution is implemented, and finally, the risk is monitored. The five steps are
Identify the Risk: The first step is to identify the risks that the business is exposed to in its operating environment. There are many different types of risks – legal risks, environmental risks, market risks, regulatory risks and much more.
Analyze the Risk: Once a risk has been identified it needs to be analyzed. The scope of the risk must be determined. To determine the severity and seriousness of the risk it is necessary to see how many business functions the risk affects.
Evaluate or Rank the Risk: Risks need to be ranked and prioritized. Most risk management solutions have different categories of risks, depending on the severity of the risk. A risk that may cause some inconvenience is rated lowly; risks that can result in catastrophic loss are rated the highest.
Treat the Risk: Every risk needs to be eliminated or contained as much as possible. This is done by connecting with the experts of the field to which the risk belongs
Monitor the Risk: Not all risks can be eliminated, some risks are always present. Market risks and environmental risks are just two examples of risks that always need to be monitored. (Srinivas, K,2019).
Risk register for Humans in Mars:
Mars missions be a natural step in space exploration, as Earth-like environmental conditions and the length of the interplanetary flight are the most crucial for planetary exploration compared to other celestial bodies of the Solar System. On the other hand, these missions require detailed planning and worldwide collaboration, because of the need of extremely high financial resources, technical capabilities to mitigate the high risks. (Bettiol, Laura

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