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1.7.2 An Integrated Risk Management Process
Author(s) -
Saad Joe,
Hsu John C.
Publication year - 2003
Publication title -
incose international symposium
Language(s) - English
Resource type - Journals
ISSN - 2334-5837
DOI - 10.1002/j.2334-5837.2003.tb02685.x
Subject(s) - risk management , risk analysis (engineering) , risk management plan , process (computing) , process management , project risk management , it risk management , business , computer science , project management , operations management , project management triangle , engineering , systems engineering , finance , operating system
When the risk management process was introduced at the Boeing Airlift And Tanker (A&T) Programs, many obstacles were encountered. It was determined to overcome these obstacles and improve the process. While the process of risk analysis and mitigation is well known, implementation is more challenging than just establishing the process and procedures. The detailed steps of implementation are presented. Visibility of critical risk to program level manager and customer is vitally important for both program management and timely and effective resolution. The company profit as well as customer budget control depend on close monitoring of project spending. The project cost risk is converted to impact assessment of Estimate At Completion (EAC) at the earlier stage of the project progress. The integration of project risk with program level risk and with business risk is discussed.