1. ELECTRONIC SYSTEMS ENGINEERING TECHNOLOGY TEXAS A&M UNIVERSITY Innovating tomorrow’s products and systems today Dr. Joseph A. Morgan, D.E., P.E. jmorgan@tamu.edu 979-575-0128 ENTC 419 Engineering Technology Capstone I

2. ELECTRONIC SYSTEMS ENGINEERING TECHNOLOGY TEXAS A&M UNIVERSITY Innovating tomorrow’s products and systems today Week 7 Proposals for Extra Credit CDRs – Wed, 4:20 to 6:45 Problem Statement Memos Preparation for PDRs – Week 8

3. ELECTRONIC SYSTEMS ENGINEERING TECHNOLOGY TEXAS A&M UNIVERSITY Innovating tomorrow’s products and systems today SCOPE RAM TIME NLD COST RISK WBS

4. ELECTRONIC SYSTEMS ENGINEERING TECHNOLOGY TEXAS A&M UNIVERSITY Innovating tomorrow’s products and systems today Definition: Measure of potential inability to achieve objectives and their probable consequences within constraints RISK EVENTS: Specific, analyzable, quantifiable risk occurrences that might happen to the detriment of a project or other initiative PROBABILITY: The likelihood of risk event occurring IMPACT: Gain or loss if risk event occurs

5. ELECTRONIC SYSTEMS ENGINEERING TECHNOLOGY TEXAS A&M UNIVERSITY Innovating tomorrow’s products and systems today Definition: The act or practice of dealing with risk Process used to identify, evaluate, respond and control risks throughout the life of a project or initiative. This process is iterative and proactive for the life of the project.

6. ELECTRONIC SYSTEMS ENGINEERING TECHNOLOGY TEXAS A&M UNIVERSITY Innovating tomorrow’s products and systems today Identification Description Category Evaluate Probability of Occurrence Impact Develop responses Eliminate Transfer Mitigate Reduce probability of occurrence Reduce impact Accept Control Corrective action Workaround RISK MANAGEMENT MODEL

7. ELECTRONIC SYSTEMS ENGINEERING TECHNOLOGY TEXAS A&M UNIVERSITY Innovating tomorrow’s products and systems today RISK MANAGEMENT MODEL * -- USAA RISK FORM

8. ELECTRONIC SYSTEMS ENGINEERING TECHNOLOGY TEXAS A&M UNIVERSITY Innovating tomorrow’s products and systems today PROBABILITY OF OCCURRENCE (uncertainty) IMPACT (severity of consequence) LOWMEDIUM HIGH LOW 1,7,15 14 8,11 12,13 9,10 5,6 Risk Evaluation 2,3,4

9. ELECTRONIC SYSTEMS ENGINEERING TECHNOLOGY TEXAS A&M UNIVERSITY Innovating tomorrow’s products and systems today Eliminate Transfer Mitigate Reduce impact Reduce probability Accept RISK MANAGEMENT MODEL

10. ELECTRONIC SYSTEMS ENGINEERING TECHNOLOGY TEXAS A&M UNIVERSITY Innovating tomorrow’s products and systems today DEFINITION: Avoidance of the risk areas or sources that could possibly lead to the risk event No risk is ever fully eliminated but it can be fully avoided EXAMPLE: Not attending a baseball game to avoid being hit by a baseball

11. ELECTRONIC SYSTEMS ENGINEERING TECHNOLOGY TEXAS A&M UNIVERSITY Innovating tomorrow’s products and systems today DEFINITION: Reduction of risk exposure by reallocation of risk from one part of the system to another or move risk to another group/organization EXAMPLE: In a project, hire a subcontractor to perform tasks that your company does not have the skill to perform

12. ELECTRONIC SYSTEMS ENGINEERING TECHNOLOGY TEXAS A&M UNIVERSITY Innovating tomorrow’s products and systems today DEFINITION: Lowering frequency of risk event occurrence. Strategy may be to improve design or quality of a system EXAMPLE: Providing a redundant power supply

13. ELECTRONIC SYSTEMS ENGINEERING TECHNOLOGY TEXAS A&M UNIVERSITY Innovating tomorrow’s products and systems today DEFINITION: A method of controlling the risk event by planning a mitigation strategy to lower the effect should a risk event occur EXAMPLE: Having a second person trained to perform critical project tasks

14. ELECTRONIC SYSTEMS ENGINEERING TECHNOLOGY TEXAS A&M UNIVERSITY Innovating tomorrow’s products and systems today DEFINITION: Acknowledging a risk event and accepting the consequences without any efforts to control it EXAMPLE: Only having “one deep” team member and consciously not training a backup ( Not enough resources available)

15. ELECTRONIC SYSTEMS ENGINEERING TECHNOLOGY TEXAS A&M UNIVERSITY Innovating tomorrow’s products and systems today Risk Prioritization 1 2 3 4 5 6 7 8 9 10 11 12

16. ELECTRONIC SYSTEMS ENGINEERING TECHNOLOGY TEXAS A&M UNIVERSITY Innovating tomorrow’s products and systems today Any action that attempts to bring the project or initiative back on plan Consists of Implementing contingency plans (planned) Developing workarounds (unplanned)

17. ELECTRONIC SYSTEMS ENGINEERING TECHNOLOGY TEXAS A&M UNIVERSITY Innovating tomorrow’s products and systems today Generate 10-12 project risks Complete risk cards for each risk Evaluate risks in terms of impact and probability using 3x3 matrix Prioritize risks using the risk prioritization analysis process Be prepared to present your risks processes in class