risk management course

12 Engineering Risk Management Probabilities and consequences of risk events are assessed Risk events and their Assess relationships are defined Consequences may include cost, schedule, technical performance impacts, as well as capability or functionality impacts Probability & Consequence, Identify Risks 1. Risk 2. Risk Impact Assessment Identification Reassess existing risk events and identify Watch-listed Assess Risk Risks Criticality Risk new risk events Decision-analytic rules applied to rank-order identified risk events from most-to least- Tracking 3. Risk 4. Risk Mitigation Planning, Implementation, and Progress Monitoring Prioritization Risk Mitigation Analysis critical Risk events assessed as medium or high criticality might go into risk mitigation planning and implementation; low critical risks might be tracked/monitored on a watch-list 5. Section 1.3 presented a risk management process with steps considered generally the same for most engineering system projects. This process was illustrated in Figure 1.2, which is repeated below for convenience. (a) Discuss how this process might be tailored for use in a risk management program designed for engineering a system-of-systems. (b) Discuss how this process might be tailored for use in a risk manage- ment program designed for engineering an enterprise system, one that consists of a web of systems and systems-of-systems. 12 Engineering Risk Management Probabilities and consequences of risk events are assessed Risk events and their Assess relationships are defined Consequences may include cost, schedule, technical performance impacts, as well as capability or functionality impacts Probability & Consequence, Identify Risks 1. Risk 2. Risk Impact Assessment Identification Reassess existing risk events and identify Watch-listed Assess Risk Risks Criticality Risk new risk events Decision-analytic rules applied to rank-order identified risk events from most-to least- Tracking 3. Risk 4. Risk Mitigation Planning, Implementation, and Progress Monitoring Prioritization Risk Mitigation Analysis critical Risk events assessed as medium or high criticality might go into risk mitigation planning and implementation; low critical risks might be tracked/monitored on a watch-list 5. Section 1.3 presented a risk management process with steps considered generally the same for most engineering system projects. This process was illustrated in Figure 1.2, which is repeated below for convenience. (a) Discuss how this process might be tailored for use in a risk management program designed for engineering a system-of-systems. (b) Discuss how this process might be tailored for use in a risk manage- ment program designed for engineering an enterprise system, one that consists of a web of systems and systems-of-systems