1

I know the areas of risk in a group of companies based on a Risk Breakdown System.

With what model shall I analyze them afterwards? Is FMEA good for this purpose? If yes, how should I apply it?

1

Most risk methods shall help the applicant to not forget any aspects. Risk management is about achieving awareness and identifying corresponding and supporting activities (IMHO).

So, I go with PMI: Perform a qualitative risk analysis regarding risk probability and impact using values like high, medium, and low.

Afterwards, perform a quantitative risk analysis, e.g. by FMEA or other tools in order to get „real“ (and provable) numbers (e.g. cost in case of risk occursnce).

1

As Tob has provided, I find PMI's framework easier to apply. Depending on the complexity, and to answer your question, you can certainly apply FMEA as well. If you need a reference, you can use NASA's criteria definitions and charts (see Fig 1-2):

https://rsdo.gsfc.nasa.gov/documents/rapid-iii-documents/mar-reference/gsfc-fap-322-208-fmea-draft.pdf

It boils down to documenting and ranking:

  • risks and causes of failure(s)
  • occurrence and severity rankings
  • mitigation factors

These will help you come up with the associated Risk Priority Number (RPN). This data, as the name suggests, will allow you to come up with mitigation/action plans based on the priority and tackle the identified risks accordingly.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.