In any spacecraft mission it is of paramount importance to have a well-thought out and reliable risk management program to ensure a smooth and successful mission. To date however, there has not been a standardized and accepted risk management plan specifically for University Cube Satellite missions. This module will provide guidelines on how to create, institute and collaborate with a risk management plan specifically designed for CubeSat missions. Risk management is defined in ISO 31000 as the "identification, assessment and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events". 


Figure 1


Successful mission completion is always the ultimate goal in a CubeSat project and it is clear that a CubeSat-specific, standardized risk management plan would be a very important tool to ensure that success. First we will define and outline that plan and then we will move into how to implement the plan, even including instructions on how to implement software tools to analyze statistical data which is a key part of the risk management process.

Defining an appropriately-scaled method for applying risk management to University CubeSat endeavors will result in much better decision-making and ultimately more successful missions.