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For additional information on risk management best practices and lessons learned, please see the Risk Management topic and articles in the online MITRE Systems Engineering Guide.
Risk
Risk is a measure of a project's inability to achieve system life cycle objectives. It comprises two components: the probability of failing to achieve particular system life cycle objectives, and the consequences of failing to achieve those objectives.
Read more about Risk.
Risk Management
Risk management is the act or practice of controlling risk. This process includes identifying and tracking risk areas, developing risk mitigation plans as part of risk handling, monitoring risks and performing risk assessments to determine how risks have changed. Reference: Based on Definition from AFMCP 63-101C
Impact/Severity
The value assigned to the consequence of failing to achieve system life cycle objectives.
Read more about Impact/Severity.
Priority
The relative importance of each inability to achieve system life cycle objectives.
Read more about Priority.
Probability of Occurrence
The likelihood that a risk will occur. A measure with a probability of 100% or 0% should not be considered a risk.
Read more the Probability of Occurrence.
Timeframe
The Risk timeframe refers to the time during which a risk, if it occurs, will impact the project.
Read more about the timeframe.
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