Formulate and execute a strategy to handle each risk

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Unformatted text preview: tical Items/Issues List (CIL) is similar to a watchlist, and has been extensively used on the Shuttle program to track items with significant system safety consequences. An example is shown as Appendix B.5. C/SCS and TPM Tracking. Two very important risk tracking techniques—cost and schedule control systems (C/SCS) and Technical Performance Measure (TPM) tracking—are discussed in Sections 4.9.1 and 4.9.2, respectively. 4.6.5 Risk Management: Summary Uncertainty is a fact of life in systems engineering. To deal with it effectively, the risk manager needs a disciplined approach. In a project setting, a good-practice approach includes efforts to: • Plan, document, and management program complete a risk • • Identify and characterize risks for each phase of the project; high risks, those for which the combined effects of likelihood and consequences are significant, should be given specific management attention. Reviews conducted throughout in the project life cycle should help to force out risk issues. Apply qualitative and quantitative techniques to understand the dominant risks and to improve the allocation of risk reduction resources; this may include the development of project-specific risk analysis models such as decision trees and PRAs. Formulate and execute a strategy to handle each risk, including establishment, where appropriate, of reasonable financial and schedule contingencies and technical margins Track the effectivity of each risk mitigation strategy. Good risk management requires a team effort that is, system engineers and managers at all levels of the project need to be involved. However, risk management responsibilities must be assigned to specific individuals. Successful risk management practices often evolve into in stitutional policy. 4.7 Configuration Management Configuration management is the discipline of identifying and formalizing the functional and physical characteristics of a configuration item at discrete points in the product evolution for the purpose of maintaining the integrity of the product system and controlling changes to the baseline. The baseline for a proj...
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