||RMG 6th Edition: Risk Management Guide for DoD Acquisition
- Develop an internal risk management program and work jointly with the
government program office to develop an overall risk management program.
- Conduct risk identification and analysis during all phases of the
program, including proposal development. Develop appropriate risk
mitigation strategies and plans.
- Assess impacts of risk during proposal and baseline development.
Use projected consequences of high probability risks to help establish the
level of management reserve and schedule reserve.
- Jointly conduct IBRs with the Government team to reach mutual
understanding of risks inherent in the program baseline plans.
- Conduct schedule risk analyses at key points during all phases of the
program, including proposal development.
- Incorporate risk mitigation activities into IMS and program budgets as
- Use IMS and EVM information (trends and metrics) to monitor and track
newly identified risks and monitor progress against risk plans.
Identify new risk items, and report status against risk mitigation plans to
company management and the Government program office.
- Assess impact of identified performance, schedule and costs risks to
estimate at completion, and include in the estimate as appropriate.
Develop a range of estimates (best case, most likely, worst case).
- Synthesize and correlate the status of new and ongoing risk elements in
the IMS, CPR, risk mitigation plans, technical status documentation, program
status reviews, and other sources of program status.
- Assign responsibility for risk mitigation activities, and monitor
progress through a formal tracking system.
- Once risks have been realized (100% probability) and turn into an issue,
incorporate the issue into work planning documents, IMS, and earned value
budgets, and ensure integration with ongoing work to minimize