Research and deployment of new technologies, like all human endeavors, involves the possibility of failure. Different degrees of failure such as failure to demonstrate the concept in a research program or failure to complete the project on time. Risk analysis is a systematic method of identifying possible failures in the execution of a project or deployment of a technology, determining the consequences and likelihood of possible failures, and identifying mitigating actions to minimize the consequences and likelihood of failure. Technical risk assessment involves identifying technical barriers to successful completion of the project or deployment of the new technology. The helps identify weakness that may have been overlooked and help ensure success by focusing research and development on the barriers to success. Technical risk assessment is closely related to the technical readiness level of a new technology. Project risk assessment focuses on completing the project on time and within budget.