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What is Risk Reduction Plan

Chapter 18
Handbook of Research on Technology Project Management, Planning, and Operations
A plan, created as part of a risk management process, wherein steps are determined which will address a particular program risk so as to reduce either its likelihood of occurrence, or the consequence of its occurrence, or both, such that there is a reduction in its potential impact to the program.
Published in Chapter:
Technical Risk Management
Pete Hylton (Indiana University Purdue University Indianapolis, USA)
Copyright: © 2009 |Pages: 12
DOI: 10.4018/978-1-60566-400-2.ch018
Abstract
In today’s highly competitive industrial environment, many high-tech businesses are using Technical Risk Management (TRM) in their engineering design programs as a means of improving the chances of success. TRM allows program mangers to pinpoint potential failure modes of a project early in the process, so that corrective actions can be taken in the most effective manner. TRM also allows managers to appropriately prioritize program tasks so as to achieve optimum use of available technical resources. TRM requires that a methodology of practices and processes be implemented on an ongoing basis. These processes identify, evaluate, mitigate, and manage technical risks affecting program success. This chapter will discuss implementation of the TRM process and provide a simple example to show how the process works.
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