Project Risk Analysis Template

  Manufacturing   Risk Management  

Format: Evaluation Assessment / Log / Evaluation Form

Many of you may be familiar with the design and process development tool called the Failure Mode Effects Analysis. This tool is used to drive our design (DFMEA) and our manufacturing process development efforts (PFMEA). We use this tool to think ahead, to log what we think will be weak points in these areas, and when completed, we have a prioritized list of potential failures either in the product or the way the product is manufactured. We will then set about experimenting to see if our perspectives are correct, and if so altering the course of the design or the processes. This same approach can be applied to project management. Risks to the project are essentially possible failure points for the project, and require forward thinking and planning.

This tool is converted to both evoke the risks, and provide a register for tracking the risks. We can see the improvement (reduction in probability or severity and improved control mechanisms) from our initial state as well as providing an area for the person to monitor and the key metric to ascertain when we need to invoke our controlling mechanism rather than wait until after the risk event occurs and is now a certainty. This template should be used in conjunction with the article Systematic Risk Register.

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