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Implementing Risk Management as a value based approach that balances opportunity gains against the consequences of failure

Fri, 02/10/2012 - 16:50 -- jkenkwof
Faculty Advisor(s): 
Stanislaw Tarchalski
Faculty Email(s): 
starchal@stevens.edu
Program: 
Systems Engineering
Project Title: 
Implementing Risk Management as a value based approach that balances opportunity gains against the consequences of failure
Description: 

Risk management is traditionally taught and implemented as the avoidance of negative consequences. A better way to think about risk is that is has both opportunity and failure dimensions, much like gambling. This project focuses on how to embed both the opportunity (creation of value), and failure (destruction of value) within a large/complex project, so that decisions across the life-cycle are characterized in these two opposing dimensions. An approach that manages the balance of these two dimensions enables teams, at any point within the life-cycle, to seek opportunities for value creation while making calculated investments to mitigate potential negative consequences that result in failure.

References: 

None.

Student Requirements: 

None.

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