A risk management process for complex projects

A more effective and efficient method to identify, assess, track and document project risks was explored. Using the systems engineering approach, an adaptable, repeatable risk management process was designed for complex projects (typically multi-million dollar electronics I defense contracts with advanced technology, aggressive schedules and multiple contractors I subcontractors).

Structured tools and techniques were synthesized to increase the probability of risk identification, to facilitate qualitative and quantitative risk assessment, to graphically portray risk reduction priorities and to provide a vehicle for improved communication and traceability of risk reduction activity across the project team.

A description of the process used to survey current risk management methods, to ascertain the critical risk management process requirements and to define a means to prioritize risks for more effective resource allocation is included.