Proj595 Risk Paper 1

Graduate School Decision

Risk Paper #1

PROJ595

January 24, 2015

Introduction

What is risk? It is defined as “any uncertainty that, if it occurs, would have a positive or negative effect on achievement of one or more objectives” (Hillson & Simon, 2012, p. 23). Every decision, whether in the professional realm or personal life, involves an element of risk. It is imperative that we understand that as fact and prepare accordingly. The concept of Risk Management, as used in the discipline of Project Management, can be a valuable tool in planning for and dealing with risks associated with life decisions. It involves planning, assessment and response. One such life decision is whether to further one’s education by pursuing a graduate degree.

Identification

1. Need for advanced degree

The first risk identified is based on whether the graduate degree is needed or not. Does the graduate degree add value? Does having an advanced degree really distinguish one person from another? Is a graduate degree a requirement for career advancement? In the case of reduction of work force, will having a graduate degree play a role in consideration for keeping one employee over another? Need is a risk because most of the questions mentioned above cannot be answered prior to getting the degree.

2. Time necessary to complete degree

The second risk identified is time. The time involved in pursuing a degree can be great. A graduate degree often takes two-four years time to complete. The average age of graduate students today thirty-five years old [ (The University of British Columbia, 2014) ]. It is safe to assume that most graduate students have full time jobs and also families to consider when making the decision to continue their education. Balancing the time constraints in one’s life can be a significant risk for someone going to school. How much time will each class take away from family life? Will there be adequate time to study each evening...