Venturing to the Far Reaches

Abstract

This article discusses that it is a testament to the hard work and ingenuity of the engineers working in the space program that such complicated systems get launched successfully. To the people who study it professionally, risk is the probability, or frequency (probability per unit time), and the consequence (severity) of an undesired event, and the uncertainties associated with the estimated probabilities and consequences. NASA has adopted a “continuous risk management” process for all its programs and projects. This process begins with the identification and analysis of program or project risks that impact success criteria. The risk management process continues with risk analysis, planning, tracking, and control. All unacceptable risks are dealt with before a project or program can proceed. Probabilistic risk assessments (PRA) are useful in every phase of a mission life cycle, not just at design or before launch. A PRA performed in the design phase can help identify the risks associated with systems and components and with technological options.

Risk management framework for pharmaceutical research and development projects

“…For NASA, risk assessment plays a key role in their decision‐making processes by enabling managers to reduce uncertainty and make better choices (Stamatelatos, 2005). This process includes the ability to trade‐off between different options.…”

“…CRM utilizes standard risk techniques such as risk planning, tracking and controlling. A key feature of CRM is that “All unacceptable risks are dealt with before a project or program can proceed” (Stamatelatos, 2005, p. 39). This mandate means that the level of risk acceptance in the organization is dealt with up front through the assessment of risk.…”