Risk Management Questions

Topics: Space Shuttle, Management, Risk Pages: 4 (1197 words) Published: October 7, 2011
develop a methodology for quantifying risks, or should each situation be addressed individually? Can we have both a quantitative and qualitative risk evaluation system in place at the same time?

Yes, a quantitative and qualitative risk management system can be in place at the same time. Since the Space Shuttle Program is so large and complicated, it would be in their best interest to incorporate both quantitative and qualitative risk management evaluations together. Alone, neither system is sufficient in analyzing nor predicting all the risks involved in the program. It is the flaw of a qualitative system in that it relies too much on human opinion and instinct instead of concrete data, while a quantitative relies too heavily on black and white data and lacks personal judgment. A combination of the two is ideal to create a comprehensive risk management system. An example of this would be in the decision to launch the space shuttle. The final decision to launch should have been based on qualitative data, but the sub-systems that make up this data should have been assessed quantitatively.

2. How does one quantify the dangers associated with the ice problem?

While in the testing and planning stages before the launch, there should have been tests completed to determine how much impact ice would have on a shuttle launch. Upon conclusion of testing the effects of ice, if it was determined that there is a certain amount or level of ice that will not compromise the safety or success of a launch, that amount should have been documented and used as a guideline during the actual launch. If on the day of the actual launch, if the amount of ice is under the acceptable level of ice, then the team should have proceeded in regards to the ice situation. If the ice was above the acceptable level of ice, the launch should have been postponed. The space shuttle launch team should have had an exact number or amount of ice determined prior to the launch so there...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Qualitative Risk Analysis Essay
  • risk management Essay
  • risk management Essay
  • Essay on Risk Management
  • Risk management Essay
  • Risk Management Essay
  • The Role of Risk Management in Project Management Essay

Become a StudyMode Member

Sign Up - It's Free