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Characteristic‐based risk assessment and its relation with event‐based risk assessment
Author(s) -
Mathot Thijs,
Hamann Rob,
Gill Eberhard
Publication year - 2012
Publication title -
incose international symposium
Language(s) - English
Resource type - Journals
ISSN - 2334-5837
DOI - 10.1002/j.2334-5837.2012.tb01439.x
Subject(s) - complement (music) , risk analysis (engineering) , schedule , event (particle physics) , risk management , project risk management , product (mathematics) , computer science , risk assessment , key (lock) , relation (database) , risk management plan , project management , it risk management , engineering , project management triangle , data mining , business , systems engineering , mathematics , computer security , chemistry , operating system , biochemistry , geometry , quantum mechanics , physics , finance , complementation , phenotype , gene
Common risk management practice is based on events. Event‐based risk management consists of identifying and mitigating the most significant events that could possibly occur during a project and will have a negative impact on the key performance parameters, development schedule and cost of the product if they occur. The shortcomings of this approach are that this list of risk events is never complete, and is only partially available for the early important design decisions. The proposed solution is to complement event‐based risk management with a so‐called characteristic‐based method. This second method estimates the total risk of the project based on project and product characteristics. The advantages of the two separate methods not only complement each other, but it will also be shown that they enhance each other.