Risk as a Resource: A New Paradigm

Abstract

In the new NASA, risk management must be developed as a skill to a far greater degree than has existed in the past. Past approaches have produced great successes but at great cost and lengthy schedules. In the future, risk and its component contributors must be re-evaluated. There are three contexts of risk that will be addressed in this paper: risk as a resource, which expands and shifts traditional risk considerations; marginal cost of risk, which addresses the cumulative and time related effects of risk reduction; and an alternative definition or new meaning of success and how it relates to work.