The watchlist is periodically reevaluated and items

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Unformatted text preview: gn or management approach, the system engineer should recommend the establishment of reasonable financial and schedule contingencies, and technical margins. Whatever strategy is selected for a specific risk, it and its underlying rationale should be documented in a risk mitigation plan, and its effectivity should be tracked NASA Systems Engineering Handbook Management Issues in Systems Engineering through the project life cycle, as required by NMI 8070.4A. The techniques for choosing a (preferred) risk mitigation strategy are discussed in Chapter 5, which deals with the larger role of trade studies and system modeling in general. Some techniques for planning and tracking are briefly mentioned here. • Watchlists and Milestones. A watchlist is a compilation of specific risks, their projected consequences, and early indicators of the start of the problem. The risks on the watchlist are those that were selected for management attention as a result of completed risk management activities. A typical watchlist also shows for each specific risk a triggering event or missed milestone (for example, a delay in the delivery of long lead items), the related area of impact (production schedule), and the risk mitigation strategy, to be used in response. The watchlist is periodically reevaluated and items are added, modified, or deleted as appropriate. Should the triggering event occur, the projected consequences should be updated and the risk mitigation strategy revised as needed. • Contingency Planning, Descope Planning, and Parallel Development. These techniques are generally used in conjunction with a watchlist. The focus is on developing credible hedges and work-arounds, which are activated upon a triggering event. To be credible, hedges often require that additional resources be expended, which provide a return only if the triggering event occurs. In this sense, these techniques and resources act as a form of project insurance. (The term contingency here should not be confused with the use within NASA of the same term for project-held reserves.) Critical Items/Issues Lists. A Cri...
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This document was uploaded on 02/26/2014 for the course E 515 at University of Louisiana at Lafayette.

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