In this situation the goal is to reduce nasas risk

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Unformatted text preview: s. (Recall Figure 2.) This approach explicitly recognizes that single point values for these variables do not adequately represent the risk conditions inherent in a project. These kinds of models are discussed more completely in Section 5.4. 4.6.4 Risk Mitigation and Tracking Techniques Risk identification and characterization and risk analysis provide a list of significant project risks that require further management attention and/or action. Because risk mitigation actions are generally not costless, the system engineer, in making recommendations to the project manager, must balance the cost (in resources and time) of such actions against their value to the project. Four responses to a specific risk are usually available: (1) deliberately do nothing, and accept the risk, (2) share the risk NASA Systems Engineering Handbook Management Issues in Systems Engineering with a co-participant, (3) take preventive action to avoid or reduce the risk, and (4) plan for contingent action. The first response is to accept a specific risk consciously. (This response can be accompanied by further risk information gathering and assessments.) Second, a risk can sometimes be shared with a co-participant—that is, with a international partner or a contractor. In this situation, the goal is to reduce NASA's risk independent of what happens to total risk, which may go up or down. There are many ways to share risks, particularly cost risks, with contractors. These include various incentive contracts and warranties. The third and fourth responses require that additional specific planning and actions be undertaken. Typical technical risk mitigation actions include additional (and usually costly) testing of subsystems and systems, designing in redundancy, and building a full engineering model. Typical cost risk mitigation actions include using off-the-shelf hardware and, according to Figure 6, providing sufficient funding during Phases A and B. Major supportability risk mitigation actions include providing sufficient initial spares to meet the system's availability goal and a robust resupply capability (when transportation is a significant factor). For those risks that cannot be mitigated by a desi...
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