ABSTRACT
Risk is a driving consideration in decisions that determine how engineering systems are developed, produced, and sustained. Critical to these decisions is an understanding of risk and how it affects the engineering and management of systems. From the lens of history, design and engineering risks, though significant, were dwarfed by the project’s social, political, environmental, and management challenges. Research into the management of risk for large-scale infrastructure projects is limited, but some findings are emerging from the engineering community. Engineering risk management is a core program management process. The objectives of engineering risk management are the early and continuous identification, management, and resolution of risks such that engineering a system is accomplished within cost, delivered on time, and meets performance requirements. A major purpose for prioritizing risks is to form a basis for allocating critical resources. These resources include the assignment of additional personnel or funding to focus on resolving risks deemed most critical to the engineering system project.
