An Introduction, Basic Definitions, and Overview of a Risk Management Framework

Risk is borne from uncertainty. The reliability performance of your product line and of individual products is fraught with uncertainty. Identifying and understanding the types of risks involved helps your team mitigate reliability performance risk.

An obvious risk and common question when developing a new product involves the field failure rate. If the failure rate is too high, it may dissuade customers from buying the product. If too low, we set assign funds unnecessarily to cover unrealized warranty expenses.

We use a range of reliability engineering tasks to uncover, understand, and prioritize the reliability risks facing an organization. Failure rate is one issue, so is safety. The portfolio of risk involving reliability start with what will fail, when and how. Then expands to include cost, time to market, supply chain, and customer satisfaction topics.

Let’s discuss the range of reliability driving risks your organization should address beyond just concerning the failure rate. Let’s talk about how decisions made during the design process impact reliability and the associated risks to an organization.

Let’s discuss risk management and reliability engineering, plus introduce a risk management framework.

This Accendo Reliability webinar originally broadcast on 8 Aug 2017.

A Framework for Risk Management (an article providing an overview of a risk management framework)

Fundamentals of RiskFred Schenkelberg

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