Presentations – Tools
Risky Buiness – Using FMEA to Control Risk
In today’s business one of the most important tasks is risk identification and prioritization. The inability to properly identify risk within any process can be painful or even fatal to an organization. One tool gaining popularity is a Fault Modes & Effects Analysis (FMEA). FMEA offers a simple, straight forward method to identify potential risks, prioritize the identified risks, track corrective actions and reprioritize once a corrective action has been implemented.
This presentation will go over the three main steps in using this tool and then as a group will create an actual FMEA chart based on a specific problem statement.