CONCLUSION
Risk management begins early in program/project
formulation and must continue in a disciplined manner
throughout all program/project life cycle phases. A longrange
view of the program/project and its mission success
criteria, and open communication among all members of the
program/project team (including stakeholders), are essential
elements for successful risk management.
Effective project management depends on a thorough
understanding of the concept of risk, the principles of risk
management, and the establishment of a disciplined risk
management process. Although the benefits of a wellthought-
out risk management plan are substantial,implementation is not an exact science; rather it is more of
an art. This is due to the fact that success of risk
management is reliant on organizational culture and the
interactions of personnel involved. The project team is
responsible for identifying, analyzing, planning, tracking,
controlling, and effectively communicating the risks, both
within the team and with management and stakeholders
In many complex space projects, the root cause of risk is
from designs engineered near the leading edge of achievable
performance for a given level of cost and schedule.
Therefore, with performance, cost and schedule all just
within “the fringes of reality”, effective risk management is
usually the key determinate of which projects succeed and
which projects fail. This paper outlined some of the key
enablers for effective risk management and some of the
lessons learned from designing and developing a risk
database to meet specific program needs.