Risk assessment is a key component of the FMEA process. It helps you determine how much effort to invest in a particular component and how to prioritize improvements. In this blog post, I'll describe how risk assessment works, how to create meaningful risk scores and what they mean for your organization

All good managers know that there are risks in everyday business. Projects can turn south, processes can break. But can you identify those risks and the impact to your business? These posts will cover a fundamental tool used by project managers and Six Sigma professionals to identify risks, quantify the impact, and brainstorm how to mitigate those potentially nasty results. FMEA stands for Failure Modes and Effects Analysis. It's a simple tool and methodology to help guide ensure you have your bases covered and that risks are clearly understood by everyone. Let's dive in!