Thinking of Risk Analysis for a product?

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Friday 6/25/10 time 11:29 AM - webmaster


Without going into details of a complete risk management system, the usual minimum set of actions is as follows:

1. Select one risk analysis method, which is well known in your industry.

- If your product is any kind of machine or electronic product, a sure pick would the FMEA (Failure Modes and Effects Analysis) method. FMEA is a suitable method for different technologies, i.e. electronics, mechanical, hydraulics etc.

- For process designers, instead of the FMEA, a widely used method is the Hazop (Hazard and Operability Study). Also the Potential Problems Analysis is very useful for brainstorming the process risks.  

2. Instead of one, select two methods that complement each other

- you get a more thorough risk coverage since it is impossible to detect all the inherent risks with only one method.

- if two complementary methods are used, the first method is usually targeted for finding the most critical parts of the product/ system.

- a usual approach is to perform first a Potential Problems Analysis, which is complemented by FMEA of the critical parts of the system. If it is a process system, a detailed Hazop for critical parts of the process is more suitable.

This is as simple as it gets. If you find a simpler way, it is not called risk analysis!

 

Keywords: risk analysis, basics


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