The Philosophy and Setting the Risk Framework

Each of us, every day, practices risk management thousands of times, mostly without ever realizing it. One would think that we all would be superb at risk assessment, but most of us are not really comfortable with it. Before we can talk in earnest about the State of the Art in Quantitative Risk Assessment, in this session we will discuss the philosophy behind risk management and risk assessment at a level that should be easily and commonly understood by people in just about every field that might tune in to Risk Awareness Week 2019. We will discuss not so much any definitions, but discuss “what” risk really is, how to measure it what a measure of risk really is, and what distinguishes a “qualitative risk assessment” from a “quantitative risk assessment.” We will also set a framework for getting into the details in later sessions for what you have to do to perform a State of the Art Quantitative Risk Assessment, and to help understand the real world examples presented in session III.

About The Speakers

Mark Powell

Mark Powell

Consultant, Attwater Consulting

Mark Powell has practiced Risk Management for over 45 years in a wide variety of technical environments including defense, aerospace, energy, and commercial. His roles in these environments have included project manager, engineering manager, chief systems engineer, and research scientist. He has been sharing his hard won practical risk expertise by teaching risk management at the graduate level since 1998 at the University of Idaho, the University of Houston, Stevens Institute of Technology, and the University of Texas at Austin. He is an active member of Sigma Xi, ISBA, AIAA, INFORMS, and helped to found the Texas Gulf Coast Chapter of INCOSE in 1991. Mr. Powell has served INCOSE as Chair of the Risk Management Working Group, and as Assistant Director for Systems Engineering Processes. He has since 2002 been regularly invited to present risk management tutorials and seminars at INCOSE International Symposia, IEEE Conferences and Symposia, PMI Conferences, and for numerous other professional organizations. Mr. Powell has maintained an active engineering and management consulting practice in North America, Europe, and Asia since 1999.