Risk analysis
FMEA
Overview
FMEA (Failure Mode and Effects Analysis) is an analytical methodology that ensures potential problems have been considered and addressed throughout the project planning process or the product development process.
It relies on having a good discussion between the right people about the risks and how to minimise the most important ones. Problems are anticipated and their effects prevented with the “best” solution. This methodology is applied in the development of new designs or processes, in the modifications of existing processes or products or the implementation of an existing design or process in a new context.
Outcomes
- Identify potential causes of failure in projects, new processes, products or services
- Prioritise resources and improve the customer experience
- Minimize risks with a contingency plan
- Guide the development of new processes
- Help set the pace for the progress strategy
- Reduce time and costs of process, product or service development
How we achieve it
- Creating a multidisciplinary team
- Training on the working method
- Identifying different risks in the new product’s components/phases of the new process/ stages of the project
- Evaluating identified risks according to their severity, expected occurrence and detection capacity
- Prioritising and defining actions to reduce the rate of each risk
