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CONTRACT RISK EXPOSURE
Author(s) -
Riggs Jeffrey L.
Publication year - 1993
Publication title -
incose international symposium
Language(s) - English
Resource type - Journals
ISSN - 2334-5837
DOI - 10.1002/j.2334-5837.1993.tb01621.x
Subject(s) - identification (biology) , risk management , context (archaeology) , prioritization , schedule , contract management , business , work breakdown structure , risk assessment , work (physics) , risk analysis (engineering) , probabilistic logic , actuarial science , computer science , project management , engineering , project planning , process management , systems engineering , finance , geography , marketing , computer security , mechanical engineering , botany , archaeology , opm3 , biology , operating system , artificial intelligence
Of all the characterizations of the world in which we live and work, uncertainty is one of the most pervasive. The interaction between uncertainty or probabilistic outcomes and that which is at stake, such as cost (dollars), schedule (time), and technical performance have precipitated the increasing importance of risk management. This paper addresses the identification of risk sources in the context of contract management. “Clusters” of Work Breakdown Structure (WBS) elements are analyzed to determine which WBS elements are exposing the contract to the most risk. Identification and prioritization of the relative contract risk exposure for the WBS elements of the cluster results in a risk assessment of the contract at the WBS element level.