Integrated Risk Management Research
Analyzing and controlling risk is one of the most important aspects of the engineering design process. These risks include health and safety, design robustness and reliability, maintainability, marketability, cost, schedule, and performance
However, many of the processes and tools for evaluating and controlling risk in existence today only operate well at one particular phase of the product life cycle. Many have been developed, for example, to survey operating systems in the field to identify the likelihood and severity of problems through statistical trending analyses. Others are used in the late phases of product design to anticipate problems based on system properties determined by engineering analyses or testing programs.
An effective, integrated, software-assisted approach could make risk assessment and management processes more routine beyond the largest corporations and organizations, who are currently the primary practitioners. This expansion and standardization could significantly increase engineering systems and business efficiency in the most important properties of overall life cycle costs, resources consumed, and benefits obtained.
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