Technical Risk Assessments: A Tool for Process Development and Technical Risk

Reduction

Daniel D. Euhus, Ph.D., P.E.
SABIC Americas, Inc.
A Technical Risk Assessment is a tool utilized to raise technical questions that need to be addressed in order to have confidence (reduce risk) in the Science, Engineering Science and Engineering upon which a commercial venture will be dependent.
A Technical Risk Assessment should be performed (and maintained) at a minimum any time new and/or unproven technology is being considered. This done for three reasons:
â?¢ To reduce project risk due to technical failure (technical risk can and should be reduced during technology development)
â?¢ To provide insight to the research and development program as to how best to spend time and money wisely when addressing technical questions
â?¢ To allow for early process review by Technical Experts. The paper addresses several questions including:
â?¢ WHAT is a Technical Risk Assessment?

o Engineering tool utilized to help reduce technical risk for new/different technology

â?¢ WHY perform a Technical Risk Assessment?

o Reduce technical risk and identify areas for technical development to accomplish this

â?¢ WHEN do you conduct a Technical Risk Assessment?

o Any time, but ESPECIALLY on Early Concept New Technology Development

â?¢ WHO should be part of the team?

o Members of the Team and Outside Technical Experts

â?¢ HOW do you do a Technical Risk Assessment?

o Systematic but flexible guided exercise producing a list of technical risks that need to be developed.

The paper also provides concepts for how to quantify the results further when trying to prioritize work. Some organizational challenges when using initiating Technical Risk Assessments will also be discussed.