STUDY SUMMARY - IPMU

SUMMARY REPORT
WIDE FIELD FIBER-FED OPTICAL
MULTI-OBJECT SPECTROMETER (WFMOS)
7.4 Risk Management
Risk Management is used to balance the project risk position across all project resource areas
(instrument success, technical reserves, schedule and cost reserves), controlling the distribution
and magnitude of the identified risks against the cost constraints while obtaining the best possible
confidence in achieving high science return. Accurate assessment of the risks and taking action
in a timely manner is critical to managing the technical delivery and cost of this instrument.
The risk management strategy consists of risk identification, risk assessment, and risk mitigation.
Risk identification defines the risk, likelihood of occurrence, and impact of the occurrence
and is captured in a standard format as shown in Figure 7.4-1. All elements of the project, including
reviewers, are involved in risk identification, and the risk list is managed by the system engineer.
The risks and their ranking shown here represent the knowledge at this stage of the design.
Risk items are reviewed monthly to track change in status as the instrument development proceeds
and to identify whether any mitigation strategies need to be exercised. The top high-level
risks for the WFMOS instrument are shown on this chart.
LIKELIHOOD
5
4
3
2
1
Criticality
2
4, 5
6, 7
3
1 2 3 4 5
1
CONSEQUENCE
Implement new
process(es) or change
baseline plan(s)
Aggressively manage;
consider alternative
process
Risk Assessment Criteria for Consequence and Likelihood
Risk Type (either or both may apply to each risk)
Operational Risk
Implementation Risk
Consequence of Occurrence
Level Implementation Risk Level Definition
5 Cannot complete with current budget and resources
4 Consume all contingency, budget or schedule, >90%
3 Significant reduction in contingency or schedule slack, >50%
2 Small reduction in contingency or schedule slack, >10%
1 Minimal reduction in contingency or schedule slack, >1%
Likelihood of Occurrence
Level Likelihood Level Definition (*)
5 Very High almost certain > 70%
4 High More likely than not > 50%
3 Moderate Significant likelihood >30%
2 Low Unlikely > 1%
1 Very Low Very unlikely