Even though the definitions, techniques, and tools used in both riskrnassessment and risk analysis may change over time, it seems that some basic questionsrnremain the same. One of those fundamental questions is, “Is there an effective method ofrnintegrating technical, schedule, and costs risks into the risk management model?” An issuernfacing many programs is an ill-defined technical baseline, I.e., scope, and that drives bothrnschedule and cost uncertainty. These methods, still largely used in the government sector,rnseem to effectively address all three parameters of program risk; technical, schedule, andrncost. In other words, “Can the program as presently structured technically and with respectrnto schedule, be completed for the budgeted amount of money?” This paper will look at thernmethodologies but, more importantly, attempt to bridge the science and math used in thernrisk management process to the practical application.
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