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Each risk the level of risk management activities

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Unformatted text preview: t Issues in Systems Engineering Figure 15 -- Risk Management Structure Diagram. • • • Provide a disciplined and documented approach to risk management throughout the project life cycle Support management decision making by providing integrated risk assessments (i.e., taking into account cost, schedule, performance, and safety concerns) Communicate to NASA management the significance of assessed risk levels and the decisions made with respect to them. There are a number of actions the system engineer can take to effect these objectives. Principal among them is planning and completing a well-conceived risk management program. Such a program encompasses several related activities during the systems engineering process. The structure of these activities is shown in Figure 15. • A description of the methodologies, processes, and tools to be used for risk identification and characterization, risk analysis, and risk mitigation and tracking • A description of the role of risk management with respect to reliability analyses, formal reviews, and status reporting and assessment • Documentation requirements for management product and action. each risk The level of risk management activities should be consistent with the project's overall risk policy established in conjunction with its NASA Headquarters program office. At present, formal guidelines for the classification of projects with respect to overall risk policy do not exist; such guidelines exist only for NASA payloads. These are promulgated in NMI 8010.1A, Classification of NASA Pay-loads, Attachment A, which is reproduced as Appendix B.3. Risk The term risk has different meanings depending on the context. Sometimes it simply indicates the degree of l variability in the outcome or result of a particular action. In the context of risk management during the systems engineering process, the term denotes a combination of both the likelihood of various outcomes and their distinct consequences. The focus, moreover, is generally on undesired or unfavorable outcomes such as the risk of a technical failure, or the risk of exceeding a cost target. The first is planning the risk management program, which should be doc...
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