Project Risk Management Slides

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1. NASA Systems Engineering Award2008 SAE Aero Design CompetitionProject 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. 2. NASA Systems Engineering Award2008 SAE Aero Design Competition Project Risk Definitions 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 controlledSOFIA Risk Matrix schedule, or major mission objectives, and for which an acceptable resolution is deemed unlikely without a focused management effort.5 What is the likelihood the situation or circumstance will happen? PR 4 LevelProbabilityProbability. . . orthe current process . . .O(Safety)B P Near Certain Likely to occurcannot prevent this event, no alternateA R5immediately80100% (X > 10-1 )approaches or processes are available. B 3 OI B Probably will cannot prevent this event, but a different LLEGEND A Highly Likely4occur in timeI 2 B 6080%(10-1> X > 10-2 ) approach or process might. IT High - L Likely May occurmay prevent this event, but additional YImplement new I3 in time4060% (10-2> X > 10-3 ) actions will be required.1 T process(es) or change YUnlikely to2Low Likelihoodoccuris usually sufficient to prevent this typebaseline plan(s) 2040%(10-3> X > 10-6 ) of event.1 2 34 5Med - CONSEQUENCES (SEVERITY)Not LikelyImprobable toAggressively manage;1occur (10-6> X) is sufficient to prevent this event. 020% consider alternative processGiven the event occurs, what is the magnitude of the impact to the SOFIA Program? . . .Low - MonitorLevel 1 2 3 4 5TechnicalMinimal or No Mod. Reduction,Mod. Reduction,Major Reduction, ButUnacceptable, No C Same ApproachBut WorkaroundsWorkarounds Available Alternatives Exist o Impact n Retained Available s eSchedule Minimal or Additional Activities Level 2 Milestone Slip Level 2 Milestone Slip of >1 Cannot Achieve q No ImpactRequired. Able to of < 1 Month.Month, or Program Critical Major Program uMeet Need DatesPath ImpactedTeam BudgetMilestone eIncrease nIndividual SystemIndividual System BudgetIndividual System Budget>15%Individual System Budget cCost Minimal orBudget IncreaseIncrease between 5%-10% Increase of >10% orIncrease of >15% or e no ImpactProgram Budget Increase sof 2% of >5% of >10%NOTE: Technical includes everything that is not cost and schedule: e.g., safety, operations, quality of science, programmatic, etc. 3. NASA Systems Engineering Award 2008 SAE Aero Design Competition Example Project Risk Management Matrix Rank &Risk Appr TrendIDoach Risk Title5 1DFRC-34R Landing Gear Door SystemLFailureI 4 1 3 2DFRC-12M Sched Integration problemsKstructure vs. avionicsECost growth for engine 4 3DFRC-07WL 3 2componentsI6 5 4DFRC-24A Quality Control ResourcesHinsufficientO 287DFRC-01Avionics software behind 5 WOscheduleD DFRC-11Payload Capacity & Volume16 R Trade-offs design issues 1 23 457DFRC-04R Limited Flight Envelope, due to technical issues CONSEQUENCES 8DFRC-02R More flight testing may be required for Soft V&V Criticality L x C TrendApproach HighDecreasing (Improving) M - Mitigate Increasing (Worsening) W - Watch Med UnchangedA - Accept Low New Since Last PeriodR - Research

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