Risk management is an essential element of the entire acquisition process.
Risk considerations affect the acquisition implementation approach, the selection of sources, the structure of incentive fees, the plan for project surveillance, and even whether or not to proceed with a project. The most important risk area to consider is safety. Furthermore, the NASA Administrator has instructed the Associate Administrator for Safety and Mission Assurance to embed the principles of risk management into project and program management. No. A-11 and NPG 7120.5, NASA Program and Project Management Processes and Requirements, is provided verbatim in the enclosures. Pending revisions to the NFS will address considerations of safety, security, and risk management in acquisition strategy meetings, source selections, award fee structures, and project surveillance.