Hi PD,
Thanks for the offer! I also use other formal risk assessment and mitigation methods in project management, and I agree that taking such methods directly from engineering and management fields and try to apply them to aviation is rather pointless. Particular fields need particular methods, and such cross-polination between fields is a research activity IMV, not something it is worth spending time on ourselves.
It seems everyone is in complete agreement; formal risk assessment may or may not be sensible for certain activities, such as what Genghis and Pilot DAR does, but it is certainly not sensible for day to day private flying.
Case closed, I suppose. Back to see if the Patriots can get out of this mess!