Risk management in space systems design and technology development

Abstract

Over the past two decades, risk management and risk analysis have emerged throughout the business community in the USA as prominent planning and development strategies used to mitigate risk of failure and to ensure a high return on investment for business endeavours (financial and otherwise). They are generic tools that can be applied to any business regardless of the sector (i.e. government, university, and private) and have been used by the Federal Government in the form of institutional practices aimed at maximizing the probability of success in business activities. One US Federal agency that incorporates risk management and analysis techniques into business and/or engineering activities is the National Aeronautics and Space Administration. The present work is a discussion on mission, spacecraft and instrument design (as well as technology development), and the role of risk management, analysis, and mitigation as fundamental tools in the design process.