- A risk may occur or may not occur; an issue has occurred.
- If a risk occurs, it will be in the future; an issue has occurred, which means it's here and now.
- Accepted--The person does nothing but watch for changes in the probability of occurrence and impact on effort if it occurs.
- Avoided--The person changes the direction of the effort to avoid the unknown.
- Transferred--The person hires a person knowledgeable in the field of the risk
- Mitigated--The person plans and execute a research effort to turn the unknown (risk) into a known.
- Accept--attach it to a risk "watch list".
- Avoid--change the design to reduce the risk.
- Transfer--get insurance against the risk and/or hire an expert in what you don't know.
- Mitigate--investigate and research the risk to turn the unknown into a known.
6. Mitigation Planning--if the Systems Engineer decides that the risk must be mitigated (the most expensive way to reduce a risk), then a team will need to create an investigation or research plan.
7. Mitigation Execution--Once the mitigation plan has been created and the resources for executing the plan have been allocated, the design and development team will execute the (mitigation) plan.
This completes the ongoing, cyclic, activities of risk identification and management; one of three or four standard Systems Engineering processes and responsibiltiies. PS--All risks have cost, schedule, and technical impacts; to say a risk is a schedule risk or a technical risk is plain silly.