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1.7.3 Incorporating Risk In the Programmatic Decision‐Making Process – A Case Study
Author(s) -
Kepchar Ken,
Stack Toni,
Newnam Bill
Publication year - 2003
Publication title -
incose international symposium
Language(s) - English
Resource type - Journals
ISSN - 2334-5837
DOI - 10.1002/j.2334-5837.2003.tb02686.x
Subject(s) - risk management , framing (construction) , aviation , management science , risk analysis (engineering) , process (computing) , risk management plan , action (physics) , computer science , risk assessment , process management , it risk management , engineering , business , physics , computer security , structural engineering , finance , quantum mechanics , aerospace engineering , operating system
While the need for good risk management as part of project and program management is well established, risk management practice has often lagged its potential to assist the management team in identifying the need for decisions, framing courses of action, and providing objective evaluation of alternative courses of action. This paper provides an analysis of the role that risk management plays in supporting programmatic decision‐making. Specifically, it looks at how risk management supports the intelligence, design, choice , and review functions of decision‐making as formulated by Herbert Simon. It includes a case study that illustrates the application of risk management to an on‐going program at the Federal Aviation Administration (FAA). The paper also discusses the application of available analytical tools to support the programmatic decision‐making process.