Adaptation of Porter's Five Forces Model to Risk Management

Abstract

Prominent tools for assessing and managing risk include risk cubes, risk burndown charts, and automated risk management software. They are generally lacking, however, in accommodating ideation and brainstorming to identify potential problems. A suggested approach for improving the process is to apply strategic management models currently used as commercial best practices. Many are directly applicable and adaptable to systems engineering processes including risk management. This article presents traditional risk tools and introduces a complementary management model tailored to the identification, scoring, and tracking of potential program threats. Additional management models are presented for further investigation and adaptation.