Drew Richardson Proj 595 Risk Paper #1 Project: Earning my MBA

INTRODUCTION

Education is very important in human life. Decision making to return to school to earn an advanced degree implies that there are alternative choices to be considered. Education is an ongoing project for those who are willing to learn, gain and update their knowledge. For me, it meant leaving a steady full-time job. It also meant facing the uncertainty of returning to my studies after a multi-year interruption.

This is the reasons why after my decision analysis, I enrolled myself into a graduate school. I broke the project down into these steps: 1- Put all of my undergraduate education proof together (transcript, certificate) 2- Send documentations required for course by course evaluation 3- Select schools that fit my need and choose the one I prefer 4- Enroll in MBA program 5- Plan my job search 6- Find a job that fit my profile within the last 6 months of my graduation. This is a list of tasks I have broken down for my MBA program completion.

Here is my small history While working towards my bachelor's degree in hospitality management I was getting experience at a hotel working at the front desk. After graduating in 2008 the economy was not doing well and the hotel that I was working at started to cut my hours making it difficult to pay back my student loans. This situation pushed me to make the decision to go back to school and earn my MBA so that I could acquire the skills needed to get a better job.

What can I expect to earn after I have gained an advanced degree and I have found a job within my field of study.

A- Problem definition Im not satisfied with the job I have now and want to advance my career. With my current level of education, my income is not satisfactory and I wish to make a change, move up the ladder.

B- Alternatives The situation of making a decision arises because many alternatives were available for it. - The first alternative is to keep my bachelor degree in Hospitality and apply for jobs in the field now that the economy is picking back up. - The second alternative is to get an advanced degree. - The third alternative is to find a good paying job where an advanced degree is not required. - The forth alternative is to start my own business - The fifth alternative is to stay home and do nothing.

C- Alternatives Evaluation Taking the first alternative in consideration, I would say that my bachelor degree earned in 2008 might be less relevant because I have not worked in the hospitality field for 3 years. The second alternative will help me to look ahead and encourage me to find a company looking for young talent in the Project management field.

ADVANTAGE DISADVANTAGE ALTERNATIVE 1 - Find a job as soon as possible - Bachelor degree earned in 2008 might be less relevant after not working in the field for a while - I do have two years of experience working at a hotel ALTERNATIVE 2 - Advance my career

- Investment of time and money - I have enough experience to go for a master degree - Be more competitive on the job market - Courses are very expensive - Not 100% sure to get a job after graduation

ALTERNATIVE 3 - Training where I can learn something different - Usually start out at a low income - A non-stable schedule

ALTERNATIVE 4 - Be owner of a business - Got to know how to run a business - Hard and long process to get a loan and start a business

ALTERNATIVE 5 - Having more time to do whatever I want - No constraint - Bored all day long - No income

By earning a advanced degree I will be more competitive on the job market and It will give me a better chance to success in my new career path. In the third alternative, the consequence is that I will work hard and get less money, which may not even be enough to feed my family. I dont see myself capable of going for the fourth alternative now with all the student loans I have no one wants to give me another one. The fifth alternative will never be an option because I want to be productive with my life.

D- Make the Decision In this case my decision will be the choice of the second alternative, which is go back to school and get my MBA because it best fits with my goals, desires, lifestyle, and values.

E- Risks Identification and Ranking after Making my decisions Only the risk takers are truly free. All decisions of consequence involve risks. The decision I came out with has couple risks: 1- Risk of not getting a job to pay back the financial aid 2- Risk of education too high for companies need 3- Risk of less experience when it is about a new career path

RISKS PROBABILITY Probability Risks Rank LOW MEDIUM HIGH Risk number 1 - Medium Risk number 2 - Medium Risk number 3 - High

Conclusion Any time we return to school or switch careers, we take a leap of faith, which can involve some risks. We are never exactly sure what will await us on the other side, but the need for a change is strong enough to give us the courage to forge ahead. And, with a little bit of hard work, it may turn out just fine.

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