A risk is a measure of the probability of the occurrence of events and the severity of impact of future uncertainties in achieving program performance goals and objectives within defined cost, schedule, and technical performance constraints. Risks have a probability of occurrence greater than zero and less than one. It is important to recognize risks early and to manage them to eliminate or reduce their potential impact. In some cases risks may be accepted; a response may not be possible or the cost to response may be greater than the benefit. All too often organizations neglect Risk Management or do not provide sufficient attention to risks. This tutorial first discusses Risk and Issue Management followed by a presentation on Risk Avoidance and Improvement Opportunities. Risks and issues can be associated with aspects of a program such as threat, technology maturity, supplier capability, design maturation, security, and performance.
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