Application of Systems Engineering to Risk Management

Abstract

System engineering is an interdisciplinary field of engineering and engineering management that focuses on the design and management of the system. The system as a whole is the concern, which is followed by more technical aspects of the system, the design of everything, and the management of a complex system. Inspecting and making the system more efficient is the focus for system engineers. Additionally, risk management is being able to predict, evaluate, and solve risks that are going to happen or may happen in the future. There are three models that help system engineers with making a complex system look simpler and less frightening: the Vee, Spiral, and Waterfall models. While system thinking is a very important part of system engineering, there always has to be a collection of data to study for making decisions. As of now, there is no explanation in literature how these variables, their concepts, and models are beneficial to project management. This has created a research gap, so the study examined the most current variables, their concepts, and models in operations and project management. Furthermore, a design-science-investigate strategy was used to approve a valuable growth reveal for both reasonable and hypothetical application. As a result, an assessment model was generated to fill the research gap and to contribute to the engineering field through improved project success rates and team communication.