Risk Management

The process of identifying, analyzing, assessing, and communicating risk and accepting, avoiding, transferring, or controlling it to an acceptable level considering associated costs and benefits of any actions taken.

An approach to problem analysis that is used to identify, analyze, prioritize, and control risks.

The handling of risks through specific methods and techniques. Effective risk management is an essential element of every project. The DOE risk management concept is based on the principles that risk management must be analytical, forward-looking, structured, informative and continuous. Risk assessments should be performed as early as possible in the project and should identify critical technical, performance, schedule and cost risks. Once risks are identified, sound risk mitigation strategies and actions should be developed and documented.

The handling of risks through specific methods and techniques.