Essence of internal audit and effective management in defence
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Technical Risk. Technical risks are those events or issues associated with the scope definition, research and development (R&D), design, construction, and operation that could affect the actual level of performance vs. that specified in the project mission need and performance requirements documents. Examples of technical risks include new and changing technology and changing regulatory requirements.
Schedule Risk. Schedule risk is the risk associated with the adequacy of the time allotted for the planning, R&D, facility design, construction, and startup operations. Two major elements of schedule risk are (1) the reasonableness and completeness of the schedule estimates for the planned activities and (2) the risk that schedule objectives will not be met because of a failure to manage technical.
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