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Programmatic risk management system
The purpose of the Programmatic Risk Management System (PRMS) is to evaluate and manage potential risks associated with proposed projects (i.e., new products or processes, or possible research and technological development projects). Although the PRMS considers some technical aspects of risk, the primary focus of the methodology is programmatic risk. That is, the methodology permits an assessment of risks associated with such issues as the ability to successfully produce a product that performs in accordance with all customer requirements, and the availability and allocation of resources (money, equipment, facilities, skilled personnel). The PRMS process consists of five formalized activities that are essential for effective management of risks associated with proposed projects. These activities include risk assessment, development of appropriate risk mitigation strategies, estimating strategy implementation cost, ranking of risk mitigation strategies for resource allocation, and scheduling of strategy implementing. The PRMS utilizes a ranking system that allows the user to identify the most cost-effective investment of resources of minimizing risk.