Incorporating trust into Department of Defense acquisition risk management
Reighard, Daniel K., II
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Risk management has been proven to be a valuable tool to identify and mitigate risks early in the program life-cycle. Modernization and communication advances have recently changed the commercial economy from national to global. Companies are starting to venture into new partnerships with foreign companies. However, there has also been an increase in business corruption, like Fannie Mac and Enron, which has raised skepticism in entering new partnerships. Industry is addressing this fact by no longer exclusively depending on science as the determining factor in risk assessment and starting to include trust as a factor in risk management. Qualitative measurements are being analyzed in attempted to address these uncertainties by incorporating trust into the risk management process. The purpose of this paper was to determine whether it was feasible and advantageous to incorporate trust into the risk management process for Department of Defense (DOD) acquisition. The premise of this research was that there were hidden risk factors attributed to qualitative measures that were not being identified in current DOD risk management processes. A preliminary conclusion of this thesis is that trust is a valuable factor in the risk assessment process that can help identify qualitative risk elements.
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