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Project Risk Assessment Template document sample

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									NASA Systems Engineering Award                                  2008 SAE Aero Design Competition

     Project Risk Management Slides

     •    The first slide, Project Risk Definitions, is a reference intended to
          provide instructions and definitions related to risk management. The
          slide is based on a risk assessment of the NASA SOFIA aircraft. This
          slide will help your team define and evaluate your risks.
     •    The second slide, Example Project Risk Management Matrix, is an
          example of what your team should create and submit as item IX in the
          PRR/PDR document.
       NASA Systems Engineering Award                                                                                                            2008 SAE Aero Design Competition
                                                                                  Project Risk Definitions
    RISK MANAGEMENT: An organized, systematic decision-making process that
    efficiently identifies risks, assesses or analyzes risks, and effectively reduces or
    eliminates risks to achieving program goals.
    RISK: A Program “Risk” is any circumstance or situation that poses a threat to:
    crew or observatory safety, Program controlled cost, Program controlled                                          SOFIA Risk Matrix
    schedule, or major mission objectives, and for which an acceptable resolution is
    deemed unlikely without a focused management effort.

     What is the likelihood the situation or circumstance will happen?                             P
                                                                                                   R 4
    Level      Probability          Probability        . . . or—the current process . . .          O
P             Near Certain         Likely to occur    cannot prevent this event, no alternate      A
R      5                            immediately
               80–100%               (X > 10-1 )      approaches or processes are available.       B 3
O                                                                                                  I
B                                   Probably will cannot prevent this event, but a different       L                                                                LEGEND
A             Highly Likely
       4                            occur in time                                                  I 2
B               60–80%            (10-1> X > 10-2 ) approach or process might.
I                                                                                                  T                                                           High -
L                 Likely             May occur        may prevent this event, but additional       Y                                                          Implement new
I      3                               in time
                 40–60%           (10-2> X > 10-3 )   actions will be required.                      1
T                                                                                                                                                             process(es) or change
Y                              Unlikely to
             Low Likelihood
                                 occur        is usually sufficient to prevent this type                                                                      baseline plan(s)
                20–40%      (10-3> X > 10-6 ) of event.                                                        1       2     3      4       5
                                                                                                                                                               Med -
                                                                                                                    CONSEQUENCES (SEVERITY)
               Not Likely          Improbable to                                                                                                              Aggressively manage;
       1                          occur (10-6> X)     is sufficient to prevent this event.
                                                                                                                                                              consider alternative
                                 Given the event occurs, what is the magnitude of the impact to the SOFIA Program? . . .                                      Low -
     Level                   1                         2                           3                       4                         5
     Technical      Minimal or No           Mod. Reduction,          Mod. Reduction,            Major Reduction, But        Unacceptable, No
C                                           Same Approach            But Workarounds            Workarounds Available       Alternatives Exist
o                   Impact
n                                           Retained                 Available
e    Schedule       Minimal or             Additional Activities Level 2 Milestone Slip         Level 2 Milestone Slip of >1 Cannot Achieve
q                   No Impact              Required. Able to     of < 1 Month.                  Month, or Program Critical   Major Program
u                                          Meet Need Dates                                      Path Impacted      Team Budget
e                                                                                                                  Increase
n                                          Individual System        Individual System Budget    Individual System Budget
                                                                                                                   >15%      Individual System Budget
c    Cost           Minimal or
                                           Budget Increase          Increase between 5%-10%     Increase of >10% or          Increase of >15% or
e                   no Impact                                                                                                Program Budget Increase
s                                          of <5%                   or Program Budget           Program Budget Increase
                                                                    Increase of >2%             of >5%                       of >10%

                        NOTE: Technical includes everything that is not cost and schedule: e.g., safety, operations, quality of science, programmatic, etc.
 NASA Systems Engineering Award                                                     2008 SAE Aero Design Competition

            Example Project Risk Management Matrix
                                                          Rank &    Risk     Appr
                                                          Trend      ID      oach   Risk Title
                                                            1      DFRC-34    R     Landing Gear Door System
 L                                                                                  Failure
 I 4                                         1
                                      3                     2      DFRC-12    M     Sched Integration problems
 K                                                                                    structure vs. avionics
 E                                                                                  Cost growth for engine
                                      4                     3      DFRC-07    W
 L 3                                         2                                        components
 I                                6   5
                                                            4      DFRC-24    A     Quality Control Resources
 H                                                                                  insufficient
 O 2                                  8 7                          DFRC-01          Avionics software behind
                                                            5                 W
 O                                                                                  schedule
 D                                                                 DFRC-11          Payload Capacity & Volume
     1                                                      6                 R
                                                                                    Trade-offs design issues

           1         2        3       4          5          7      DFRC-04    R     Limited Flight Envelope, due
                                                                                    to technical issues
                                                            8      DFRC-02    R     More flight testing may be
                                                                                    required for Soft V&V
Criticality L x C Trend                    Approach
  High            Decreasing (Improving)   M - Mitigate
                  Increasing (Worsening)   W - Watch
  Med             Unchanged                A - Accept
  Low             New Since Last Period    R - Research

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