The Risk Management Process Model
The risk management process model (see figure 1) includes the following key
activities, performed on a continuous basis:
- Risk Identification,
- Risk Analysis,
- Risk Mitigation Planning,
- Risk Mitigation Plan Implementation, and
- Risk Tracking.
1. DoD Risk Management Process
Acquisition programs run the gamut from simple to complex procurements and
support of mature technologies that are relatively inexpensive to
state-of-the-art and beyond programs valued in the multibillions of
dollars. Effective risk management approaches generally have consistent
characteristics and follow common guidelines regardless of program size.
Some characteristics of effective risk management approach are discussed