Risk Mitigation using Innoslate: A MBSE Approach.

Published by on July 22, 2016 at 10:15 pm.

 

In this post, we’d like to introduce a model-based systems engineering (MBSE) approach to risk mitigation using Innoslate by following a few basic steps. First, you must begin with a Project Plan. In Innoslate, a Project Plan is created by making an Action Diagram of the logical flow of a project.

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Next you’ll create a Gantt chart by running the Action Diagram in the Simulator. After you’ve created your Gantt chart, you’ll want to find the project’s critical path.

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The critical path is the group of tasks that have no slack time to them; in other words, if any of these tasks went off schedule, the entire project would be off schedule.

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After finding the critical path, you’ll define programmatic risks. A programmatic risk or ‘Critical Path Task’ is something that would delay the completion of a project. We can change ‘Risk Entities’ to ‘Critical Tasks’ by choosing each task on the critical path that causes a potential risk and click ‘Risk’. During this process, you can define the programmatic risk associated with the critical task.

 

risk mitigation pic 4Now, you’ll review your critical tasks and program risks. Risks have metrics of ‘Probability’ and ‘Consequence.’ Consequence is the level of effect the risk has to the project if it occurs. Probability is the probability that this risk will happen. You want to give each of the Programmatic risks in your project a score in the risk’s entity view.

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By adding the ‘Consequences’ and ‘Probability,’ you’ll create ‘Risk Mitigation Strategy.’ In Innoslate, a ‘Risk Mitigation Strategy’ is an action diagram describing the process to lower the programmatic risk or ‘Critical Path Task’ that you defined earlier. From each ‘Risk’ in the entity view, choose a ‘mitigated by action relationship,’ and create an action diagram describing how to mitigate that risk.

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Now, we will focus on how to mitigate risk with your newly created ‘Risk Mitigation Strategy.’ First, you will define your risk mitigation strategies; and then create an Action diagram to define the logic of the strategy. We will take you how to do this step by step in Innoslate.

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For each ‘Risk,’ associate a ‘Cost’ by defining an ‘Incurs cost relationship’ to a ‘Cost entity.’ This cost is the effect of lost time to the budget, in addition to the cost of the ‘risk mitigation strategy action’.

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To achieve this in Innoslate, create a risk mitigation strategy label by clicking on any ‘risk mitigation strategy’ and choose ‘New Label.’ Then create a new label called ‘Risk Mitigation Strategy’ and for each Risk Mitigation Strategy.

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For reporting purposes, create a Risk mitigation hierarchy by making an ‘Action’ called ‘Risk Mitigation Strategies.’ You can then decompose this with each of the risk mitigation strategies. The easiest way to do this is to search by the ‘Risk Mitigation Strategy’ Label and associate each of these to the parent.

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A risk mitigation report will contain:

  • A risk matrix that graphically shows the relative probabilities and consequences of the risks on a chart. (To create and download the risk matrix to a project, click on any ‘Risk’ entity in the database, and then click ‘Diagrams’ followed by clicking ‘Risk Matrix’ to bring up a chart.)
  • A risk mitigation plan that is a chart that shows the cost and mitigation strategy to each risk

 

Risk Matrix

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Risk Mitigation Report

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To proceed a Risk Mitigation Strategy Report, follow the steps below:

  1. Click on the parent Risk Mitigation Strategy Action
  2. Click ‘Reports’
    • Under attributes remove all attributes except for name.
  3. Click ‘Add Relative Relationship’
  4. Click ‘Mitigates Risk’
    • Under risk attributes, remove all attributes except for name consequence and probability.
  5. Click ‘Add Relative Relationship’
  6. Click ‘Incurs Cost’
    • Under risk attributes, remove all attributes except for name, amount, units and rate,
  7. Click ‘Create’ to export an Excel Document
    • The excel Document will have to be formatted to show the important fields.
      • Note that scripting for this report is in development. For updates, contact Innoslate support.

 

You can format the report similar to the one shown below.

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For more information on using Innoslate to make your work life easier, contact our team at specinnovations.com/our-company/contact.


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