Performance monitoring plan Definition // IT Management Solutions

Performance monitoring plan Definition

Risk Management: Fundamental StepsDefinition:Risk mitigation planning is the process of developing options and actions to enhance opportunities and reduce threats to project objectives [1]. Risk mitigation implementation is the process of executing risk mitigation actions. Risk mitigation progress monitoring includes tracking identified risks, identifying new risks, and evaluating risk process effectiveness throughout the project [1].

Keywords: risk, risk management, risk mitigation, risk mitigation implementation, risk mitigation planning, risk mitigation progress monitoring

MITRE SE Roles & Expectations: MITRE systems engineers (SEs) working on government programs develop actionable risk mitigation strategies and monitoring metrics, monitor implementation of risk mitigation plans to ensure successful project and program completion, collaborate with the government team in conducting risk reviews across projects and programs, and analyze metrics to determine ongoing risk status and identify serious risks to elevate to the sponsor or customer [2].

Background

Risk mitigation planning, implementation, and progress monitoring are depicted in Figure 1. As part of an iterative process, the risk tracking tool is used to record the results of risk prioritization analysis (step 3) that provides input to both risk mitigation (step 4) and risk impact assessment (step 2).

Figure 1. Risk Management: Fundamental Steps [3]

The risk mitigation step involves development of mitigation plans designed to manage, eliminate, or reduce risk to an acceptable level. Once a plan is implemented, it is continually monitored to assess its efficacy with the intent of revising the course-of-action if needed.

Risk Mitigation Strategies

General guidelines for applying risk mitigation handling options are shown in Figure 2. These options are based on the assessed combination of the probability of occurrence and severity of the consequence for an identified risk. These guidelines are appropriate for many, but not all, projects and programs.

Figure 2. Risk Mitigation Handling Options [3]

Risk Mitigation Handling OptionsRisk mitigation handling options include:

  • Assume/Accept: Acknowledge the existence of a particular risk, and make a deliberate decision to accept it without engaging in special efforts to control it. Approval of project or program leaders is required.
  • Avoid: Adjust program requirements or constraints to eliminate or reduce the risk. This adjustment could be accommodated by a change in funding, schedule, or technical requirements.
  • Control: Implement actions to minimize the impact or likelihood of the risk.
  • Transfer: Reassign organizational accountability, responsibility, and authority to another stakeholder willing to accept the risk.
  • Watch/Monitor: Monitor the environment for changes that affect the nature and/or the impact of the risk.

Each of these options requires developing a plan that is implemented and monitored for effectiveness. More information on handling options is discussed under best practices and lessons learned below.

From a systems engineering perspective, common methods of risk reduction or mitigation with identified program risks include the following, listed in order of increasing seriousness of the risk [4]:

  1. Intensified technical and management reviews of the engineering process
  2. Special oversight of designated component engineering
  3. Special analysis and testing of critical design items
  4. Rapid prototyping and test feedback
  5. Consideration of relieving critical design requirements
  6. Initiation of fallback parallel developments

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