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  • https://doi.org/10.1002/j.2334-5837.1993.tb01617.xCopy DOI Icon

INTEGRATED RISK MANAGEMENT—PROCEDURES AND TOOLS

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Abstract

Abstract Risk management is an essential ingredient of effective program management. At each phase of a program, information available to the responsible engineers and managers provides needed identification and understanding of the risks facing the program. Close monitoring of significant risk areas as part of the normal reporting and review process provides the tracking needed to determine when a potential problem has turned into a real problem and action has to be taken. The information must be reported to the right level of management to permit the needed redirection of the program. Effective analysis of the risks identified in this process requires the combined use of engineering, schedule and cost analysis tools at each level of management. This paper describes procedures for planning and executing effective risk management, and the tools that are needed for the supporting analyses.

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