An innovative technique for managing project risks in the aerospace and defense industry, that has been used on over 100 projects, is developed in this paper.

The technique is, in effect, a "second generation PERT" that accounts for, and deals with, the many uncertainties that impact project schedule, resource and cost performance. Included are factors such as: specification uncertainties; design, material and process uncertainties; escalation of cost factors; availability of qualified contractors and specialized equipment; contractor productivity; timeliness of material, equipment, and information deliveries; transportation and logistics support; environmental factors; rejects, rework and other delays due to quality of materials and products; and, mechanical breakdown and malfunctions during system/component testing and commissioning.

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