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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
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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