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Market-level (CAP-M)

Definition: Risk management tools support the implementation and execution of program risk management in systems engineering programs.

Keywords: risk analysis tools, risk management tools, risk tools

MITRE SE Roles and Expectations: MITRE systems engineers (SEs) working on government programs are expected to use risk analysis and management tools to support risk management efforts. MITRE SEs also are expected to understand the purpose, outputs, strengths, and limitations of the risk tool being used.

Background

Risk analysis and management tools serve multiple purposes and come in many shapes and sizes. Some risk analysis and management tools include those used for:

  • Strategic and Capability Risk Analysis: Focuses on identifying, analyzing, and prioritizing risks to achieve strategic goals, objectives, and capabilities.
  • Threat Analysis: Focuses on identifying, analyzing, and prioritizing threats to minimize their impact on national security.
  • Investment and Portfolio Risk Analysis: Focuses on identifying, analyzing, and prioritizing investments and possible alternatives based on risk.
  • Program Risk Management: Focuses on identifying, analyzing, prioritizing, and managing risks to eliminate or minimize their impact on a program’s objectives and probability of success.
  • Cost Risk Analysis: Focuses on quantifying how technological and economic risks may affect a system’s cost. Applies probability methods to model, measure, and manage risk in the cost of engineering advanced systems.

Each specialized risk analysis and management area has developed tools to support its objectives with various levels of maturity. This article focuses on tools that support the implementation and execution of program risk management.