"The purpose of this thesis is to explore the relationship of risk management/mitigation and the people who practice the discipline. Much has been written concerning risk and the analytical ways that it can be measured. The need for accurate and timely risk mitigation has accelerated with the pace of new and replacement programs. A part of the process that needs to be updated is that risk needs to be seen as systems attribute, much the same as cost, schedule and technical compliance.
It is absolutely necessary that today’s Systems Engineers develop and follow a Risk Management and Mitigation Plan in the early phases of the project. It is also important that the appropriate Risk Management/Mitigation process be selected.
This thesis contends that most Risk Management/Mitigation programs fail to be as effective as they could be due to a number of mostly overlooked drivers, such as motivation and cognitive biases. The issue of cognitive biases is very seldom addressed. When questioned, most engineers purport to not have any biases. They insist that they use only logic, reasoning, and math to make decisions.
A set of data was collected and reviewed for this thesis. The data presented shows that cognitive biases do affect the risk management/mitigation process. Knowledge of these biases and their potential impact on a project will lead to better risk management."
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