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THE AT&T FSAT RISK MANAGEMENT PROCESS
Author(s) -
Marion Edwin D.
Publication year - 1993
Publication title -
incose international symposium
Language(s) - English
Resource type - Journals
ISSN - 2334-5837
DOI - 10.1002/j.2334-5837.1993.tb01664.x
Subject(s) - risk analysis (engineering) , risk management , computer science , schedule , project management , context (archaeology) , process (computing) , risk management framework , it risk management , risk management plan , risk assessment , systems engineering , process management , engineering , business , paleontology , computer security , biology , operating system , finance
The basic concepts that support the AT&T Federal Systems Advanced Technology's (FSAT) standard Risk Management process are discussed, and an overview of the process, currently a DOD Best Manufacturing Practice 1 (Department of Defense 1991) is provided. Risk management is an attempt to deal, in a structured and organized way, with technical, cost, and schedule uncertainties in project execution. In this context, risk and risk management are defined, and the basic concepts of aggregate and detailed risk analysis are developed. The standard techniques for analyzing and quantifying risk, including scenario mapping, Monte Carlo analysis, and decision trees are discussed, and an organized and integrated approach to risk management is suggested that can provide useful ways of addressing both known and unknown uncertainties. AT&T FSAT's implementation of this approach, including integrated software tools and a close coupling to the Project Management, Systems Engineering, and Product Realization standard processes is discussed. The standard process consists of three major components identified as Risk Modeling, Decision Analysis, and Event Analysis. These components are combined into an integrated process that can be tailored to meet a wide range of project needs and can be applied on a project over its complete life cycle, from opportunity assessment to contract completion. Some recent experiences and reactions to the Risk Management process are included.