Define "risk management" in Systems Acquisition.

Risk management in systems acquisition encompasses the systematic identification, assessment, and mitigation of risks that could impact project goals. This process ensures that potential issues are recognized early on, allowing for the development of strategies to address them proactively rather than reactively. By evaluating risks in a structured manner, stakeholders can prioritize their responses based on the potential impact on project objectives, which is crucial in maintaining timelines and budgets.

The key aspect of risk management is that it is not merely about identifying risks; it involves analyzing them to determine their significance and then implementing measures to reduce their likelihood or impact. This comprehensive approach is essential in navigating the complexities of systems acquisition, where multiple interrelated factors can influence the success of a project. As such, embracing risk management ensures that projects are more resilient and better prepared to handle uncertainties, ultimately leading to more successful outcomes.