There are a number of risk mitigation methods for dealing with program risks. Re

Question

There are a number of risk mitigation methods for dealing with program risks. Referring to the description of high and low program impact in Table below, discuss how you would best use risk mitigation methods to reduce their risk criticality.

Criticality System Impact Program Impact High Major degradation in performance (50–90%) Major increase in cost and=or schedule (30–70%) Serious safety problem Production cutbacks Medium Significant degradation in performance (10–50%) Significant increase in cost and=or schedule (10–30%) Short losses of operability Intense reviews, oversight Costly operational support Production delays Low Minor degradation in performance (<10%) Minor increase in cost and=or schedule (<10%) Occasional brief delays Vigorous reviews, oversight Increased maintenance

Explanation / Answer

There are a number of risk mitigation methods for dealing with program risks. Referring to the description of high and low program impact in Table below, discuss how you would best use risk mitigation methods to reduce their risk criticality.

·         Various risk mitigation methods include:

·         Management reviews

·         Special engineering oversight

·         Special analysis and tests

·         Rapid prototyping

·         Relief of excessive requirements

·         Fallback alternatives

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