USAF Academy Risk Analysis Study Team

Abstract

The study investigates a method of reducing cost growth and improving quality in the weapon system acquisition process. It investigates a new management process, 'formal risk analysis.' Risk is the probability that a project will not be completed within specified time, cost and performance constraints by following a specified course of action. Risk assessment is an estimate of the risk associated with a particular course of action. Risk management is the generation of alternative courses of action for reducing risk. Risk analysis is the larger process of combining risk assessment and risk management in order to examine factors affecting the risk of acquiring a system. It is the purpose of the study to identify what a risk analysis is, how it can be accomplished, who should accomplish it and where it fits in the management structure for weapons systems acquisition.

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Document Details

Document Type
Technical Report
Publication Date
Aug 01, 1971
Accession Number
AD0729223

Entities

People

  • Donald R. Smith
  • Philip Flammer
  • R. D. Hensley
  • Richard G. Head
  • Robert R. Lochry

Organizations

  • United States Air Force Academy

Tags

Communities of Interest

  • Human Systems
  • Weapons Technologies

DTIC Thesaurus Topics

  • Aerospace Industry
  • Air Force
  • Budgets
  • Contractors
  • Contracts
  • Cost Estimates
  • Cost Overruns
  • Delphi Method
  • Economic Analysis
  • Organizational Structure
  • Personnel Management
  • Probability Distributions
  • Prototypes
  • Risk
  • Risk Analysis
  • Risk Management
  • Threat Evaluation

Readers

  • Life Cycle Cost Analysis
  • Organizational Process Management (OPM).