risk management course

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 12, 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. Engineering Risk Management Probabilities and consequences of risk Risk events and their relationships are defined Probability & Consequence Consequences may include cost, schedule. technical performance impacts as well as Identify Risks 1. Risk Identification 2 REK Epact Assessment functionality impacts Reassess existing risk events and identify Watch-listed Asses Trading Decision analytic rules applied to tak-onder dered isk events 1 R 4. Risk Mitigation Risk Mitigations critical Implementation and Progress Monitoring Risk events assessed assessochig critically sight go intorisk mitigation planning and implementationslow critical is might be trached monitored on a watch it Figure 1.2: Steps common to a risk management process. 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 12, 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. Engineering Risk Management Probabilities and consequences of risk Risk events and their relationships are defined Probability & Consequence Consequences may include cost, schedule. technical performance impacts as well as Identify Risks 1. Risk Identification 2 REK Epact Assessment functionality impacts Reassess existing risk events and identify Watch-listed Asses Trading Decision analytic rules applied to tak-onder dered isk events 1 R 4. Risk Mitigation Risk Mitigations critical Implementation and Progress Monitoring Risk events assessed assessochig critically sight go intorisk mitigation planning and implementationslow critical is might be trached monitored on a watch it Figure 1.2: Steps common to a risk management process