17.15. THE USE OF LESSONS LEARNED

Risks that are analyzed to be medium or higher must be handled to the extent assets allow, to reduce their potential to adversely affect the program. All levels of management must be sensitive to hidden "traps" that may induce a false sense of security. If properly interpreted, these signals really indicate a developing problem in a known area of risk. Each trap is usually accompanied by several "warning signs" that show an approaching problem and the probability of failing to treat the problem at its inception.

The ability to turn traps into advantages suggests that much of the technical risk in a program can be actively handled via the risk response control or transfer option, not merely watched and resolved after a problem occurs. In some instances it may pay to watch and wait. If the probability that a certain problem will arise is low or if the cost exceeds the benefits of "fixing" the problem before it happens, risk assumption may be advisable. Effective risk management makes selection of the risk assumption option a conscious decision rather than an oversight and may trigger an appropriate addition to the risk "watch list."