Risk management systems engineering

A major purpose of the systems management function is to implement the strategic plan of the organization so as to provide a total quality approach, including associated risk management. The author examines a number of issues related to risk management. Systems engineering processes are inherently subject to risks of a variety of types. When risks materialize, they usually manifest themselves as cost issues, schedule issues, and technological failure issues. Information technology provides major support to risk management through the potential provision of timely information that can be used to plan for risks that might occur and deal with those that do materialize. The author provides an overview of the field of risk management and the role of information technology and systems engineering in risk management.