Tom Carbone, PMP, SSBB

Are your projects always in trouble?

 

What is your Risk Management Technique?!

· Identifying and mitigating project risks are crucial steps in managing successful projects. 

· This talks explains the extension of the Failure Mode and Effects Analysis (FMEA) format to quantify and analyze project risks. 

· The new technique is labeled the Project Risk Matrix (PRM). 

· The PRM is a modification of the well-known process, product, and service FMEA technique. 

· In order to use the FMEA format for projects, the detection value of the standard FMEA is modified slightly for use in the project environment. 

· The new approach is illustrated with case study examples. 

· The benefits of the PRM include an increased focus on the most imminent risks, prioritizing risk contingency planning, improved team participation in the risk management process, and development of improved risk controls. 

 

Publication:

Carbone, Thomas, and Donald Tippett, “Project Risk Management Using the Project Risk FMEA,” Engineering Management Journal, V16, No.4, December 2004.

 

See also Publication Page

 

 

The Project risk Matrix

RFMEA Quadrants