The objectives to complete the risk management
Avoid, “do or don’t”
This is a decision and selection process, aimed at determining what is achievable or not, to manage the risk.
Risk management can be out of scope due to an inefficient and/or too expensive technical solution.
Contain, “do your best”
Decision is made to control the risk thanks to a suitable solution either technically and economically. Project engineering is adjusted to the constraints of the 3 risk scenarios, i.e. the high, most likely and low hypotheses.
After having formalized the containment solution, the second expected result will be an estimation of the residual risk.
Mitigate “known unknowns and be prepared for unknown unknowns”
Despite the technical containment of the risk, management of the residual risk is still necessary.
The Mitigation is essentially focused on the operational reduction of the (the known unknowns) residual risks impacts, and the alertness for the unknown unknowns.
Managing a risky project with ACM:
