Risk Mitigation

As an integral component of an overall risk management effort, MCR’s risk mitigation efforts are investments which pay for themselves by either avoiding or minimize the negative impacts of risks but also maximizing the potential to realize the benefits of potential opportunities. Derived from the identification [link to Risk and Opportunity Identification in Strategic Planning] and analysis [link to Risk Analysis in Cost/Schedule Analysis] efforts, MCR creates mini-project plans that specifies the problem statement (risk source, likelihood and consequence of occurrence), analysis of alternatives and selected path forward to handle the risk. Risk mitigation can attempt to positively affect the likelihood of occurrence and/or consequence of occurrence (drive down those for risk and up for opportunities). If funded these plans become part of the program baseline and integrated into the broader program management effort. If they are not funded then they are held in reserve until determined necessary through the risk tracking process. The bottom line is that risk mitigation is meant to be a planning and management tool which grows in size and detail according to the difficulty of the problem and complexity of the solution. It is not an added or after the fact requirement but should be an aid to and part of the problem solving process.

Learn more

Acquisition Management
Acquisition Strategy and Execution
Acquisition Support
Earned Value Management
Change Management