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Risk Management Tools

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(@jal58)
Posts: 60
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I have used FMEA extensively and consider it to be extremely productive. Specifically, a design FMEA allows the device or part to be analyzed on a feature by feature basis. Each feature is evaluated and assigned a risk value. This option is very tedious, but methodical, and allows for a thorough evaluation of how every single feature might fail.

 
Posted : 09/12/2020 9:00 pm
(@kbentleymsm-edu)
Posts: 50
Trusted Member
 

@mduru I am new to project management and all that it involves.  I appreciate the content of your post.  My project management knowledge bank is quite limited.  I think your post brings a little clarity to the different points (FMEA, brainstorming and the appropriate type of diagram), which should be considered.  I think I might be most interested in learning about some of the diagramming tools and their usefulness in various situations.  

 
Posted : 07/03/2021 3:13 pm
(@niya-j)
Posts: 48
Eminent Member
 
Posted by: @traceymraw

Based on the risk management tools mentioned in the lecture (Failure Mode Effects Analysis (FMEA), Brainstorming, and Fish Bone Diagram), which have you used on projects in the past? Which do you find the most beneficial or prefer to use and why?

I mostly find myself using the brainstorming method on projects. This tool allows for any and every idea to be put into space. Everyone present has the same goal of minimizing risk or moving the project forward most safely and effectively. In some cases, ideas have been meshed together to create a solution in the project or a new element in the project. Another method that I've found useful is the Fish Bone method. It keeps everything in order and reminds the Team of the sequence of events as the project progresses.

 
Posted : 19/06/2021 11:47 pm
(@k-faulk)
Posts: 50
Trusted Member
 
Posted by: @pjf22

When performing the Risk Assessment of a new medical device, I think all three tools serve a purpose and can potentially identify risks that the other do not. I also believe that each tool can be used in different stages. For instance, one can brainstorm, use diagrams, questionnaire, etc. at the initial stages of the project; kind of just throwing ideas. Diagrams and questionnaire seem to be more of a team task when you can have input from multiple people, therefore identifying more risks that one person can. Lastly and also agreeing with @mg482, the DFMEA is a more concrete tool that identifies more technical risks and therefore is done by people who have more experience and have perhaps dealt with risk management in the past. Although, it can be done by all members of the team, each tool can be more useful in group or single individual scenarios. 

Hi @pjf22, I agree each of the tools serve a purpose and depend on the stage.  I have used a good deal of these tools in the past whether in my current position or previous ones.  Tools are created with specific things in mind so at certain stages of the project diagrams will be preferred over questionnaires or DFMEA will be the ultimate identifier for certain other things.  

 
Posted : 20/06/2021 9:13 pm
(@kc4310)
Posts: 31
Eminent Member
 

My time tested risk management tool has been brainstorming with a SWOT analysis mind-set.  The ability to approach brainstorming honestly and to empathize with the perspective of a customer will allow non-obvious ideas and conflicts to surface and to be given the appropriate consideration.  One very recent brainstorming session had to do with a RFP response project.  The customer had a slightly strange request, which my business partner and I determined was due to their desire to protect their brand. 

Ultimately, we decided that acquiescing to their request would make us vulnerable to a lawsuit - because we would be promising something we could not do. Instead, we responded with full transparency about how we assessed their request.  They would not tell us what the decided to do, which is part of the difficulty of working with really large prospects, but we were comfortable with the outcome because we didn't want to put ourselves in jeopardy.

 
Posted : 20/06/2021 10:19 pm
(@kc4310)
Posts: 31
Eminent Member
 

My time tested risk management tool has been brainstorming with a SWOT analysis mind-set.  The ability to approach brainstorming honestly and to empathize with the perspective of a customer will allow non-obvious ideas and conflicts to surface and to be given the appropriate consideration.  One very recent brainstorming session had to do with a RFP response project.  The customer had a slightly strange request, which my business partner and I determined was due to their desire to protect their brand. 

Ultimately, we decided that acquiescing to their request would make us vulnerable to a lawsuit - because we would be promising something we could not do. Instead, we responded with full transparency about how we assessed their request.  They would not tell us what the decided to do, which is part of the difficulty of working with really large prospects, but we were comfortable with the outcome because we didn't want to put ourselves in jeopardy.

 
Posted : 20/06/2021 10:20 pm
(@carrissap10)
Posts: 50
Trusted Member
 

Each risk management tool is important. In the past I have used the brainstorming tool. When working with others or alone brainstorming was implemented. We came up with ideas that include the limitations of the risk, and also thought of different ways to improve or prevent these risk from occur. I believe brainstorming can help prevent different risks from occurring because you are able to predict this issues before they occur. I also have used the questionnaire risk management tool as well!

 
Posted : 20/06/2021 11:11 pm
(@rowel2202)
Posts: 51
Trusted Member
 

Many of the tools described, including as brainstorming, fishbone diagrams, and FMEA, have been utilized by me. Knowing when to utilize them in the proper context is crucial, in my opinion. For example, if you're trying to fix a problem with a product that's already on the market, surveys and interviews with marketing and consumers would be a smart place to start, followed by a fishbone diagram highlighting possible areas and a deep dive with FMEA. QA personnel may be more suited if you are doing a prospective study of a new product and brainstorming with a broad group of internal engineers and production personnel.
After a lot of experience with FMEAs, I can tell that they do take a lot of effort and time with the appropriate personnel. Before diving in, make sure you have everything planned out.

 
Posted : 24/06/2021 9:18 pm
(@eowinomsm-edu)
Posts: 40
Eminent Member
 

Risk Register

Using Risk Register can be effective this is a living document which is updated frequently throughout the life cycle of the project. It will become a part of project documents and is always included in the historical records that are used for future projects. The risk register includes:

  • List of Risks
  • List of Potential Responses
  • Root Causes of Risks
  • Updated Risk Categories
 
Posted : 28/06/2021 5:23 am
(@justinjts)
Posts: 38
Eminent Member
 
Posted by: @traceymraw

Based on the risk management tools mentioned in the lecture (Failure Mode Effects Analysis (FMEA), Brainstorming, and Fish Bone Diagram), which have you used on projects in the past? Which do you find the most beneficial or prefer to use and why?

I have used FMEA in the past and believe that it is the most beneficial. I say that because FMEA helps provide risk factors for the project before you start it

 
Posted : 09/10/2021 6:14 pm
(@mrela13)
Posts: 36
Eminent Member
 

For risk management a FMEA is the best tool to use as it includes multiple components of each risk and classifies the risk based on occurrence, severity, and detection. It also allows engineers to track possible failure modes based on a process or multiple processes, which is a great way to organize Failure Modes. From those failure modes, possible effects on the failure may then be assumed and mitigations for those risks and effects can then be implemented. Also, based on the occurrence, severity, and detection, each possible failure mode can be given a Risk Priority Number which will help determine sampling plans when completing process validations. The FMEA process definitely contains all of the risk information that is needed for a process or design, and by using an FMEA, it will help when the design moves to the design verification and validation stages as well.

 
Posted : 10/12/2021 10:49 pm
(@wmckennedymsm-edu)
Posts: 21
Eminent Member
 

The FMEA tool is a great way to identify potential problems and their impact. It is a qualitative systematic tool used to anticipate what may go wrong, in addition to the likelihood of failures being detected prior to their occurrence. The fish bone diagram is a good tool to use as well because it analyzes the cause and effect. It also provides a visual aid, but I feel that the FMEA tool works better because it provides more of a detailed analysis.

 
Posted : 11/08/2022 1:34 pm
(@aaronaba)
Posts: 18
Active Member
 

While I have not used these tools within a project from a project manager's perspective. I do often utilized brainstorming and probability matrices to elucidate the complications within an idea or concept as part of a larger organization. I find that different risk management tools bring new ideas to the table, and offer a fresh perspective on the flow of information through production. I believe that different approaches activate varying regions of the brain and fuel the creation of novel approaches to avoid potholes in project development.

 
Posted : 12/08/2022 8:43 am
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