What is difference between FMEA and Risk Management Plan
Lavaraju YedlapalliDeputy Director| GITAM (Deemed to be University)Hyderabad, Telangana, India
Can some one explain in detail the major difference between the two tools i.e. FMEA & Risk Management Plan. Saving Changes...
Paul NaybourFounder and Director| Parallel Project TrainingNailsworth, United Kingdom
Hi
This is an easy question.
The Risk Management Plan is part of the project management plan. It described how project management will be applied to the project. What identification techniques will be used, the level of analysis that will be done, what the format of the risk register will be, what reports will be issued and when etc. (at least according to the PMI)
FMEA (Failure Mode Effects Analysis) is an analysis of a product of process looking at the likelihood of failure, the mitigations in the system and the impact on the stability of the system of process. It is normally used for safety critical systems to demonstrate fail safe operation.
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