Risk Management

Whether you consider yourself risky or cautious, we all take risks. What we donít like to do often is things that have unknown risks. In fact we now know that there are known unknowns and unknown unknowns. Risk management is largely about identifying known risks and putting a plan in place to mitigate them. The stakeholders come in handy here. Some of them have lots of experience and know where the pitfalls are. They can help identify risks that the new systems engineer was not aware of. A good systems engineer knows this.

Remember good, fast and cheap?



These are the risk categories plus another.

Good

What features are at risk?

Fast

What risk is involved in the schedule? How do we prepare for schedule slip?

Cheap

What risks are associated with cost?

Programmatic Risk

Programmatic risk is outside the domain of the project but sometimes impinges on it. These can be some of the unknown unknowns. Like how could we know that the stock market would affect our schedule. For example; the project is going along fine and the company has a bad quarter so resources are reallocated to profitable projects. So what happens to your schedule?

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