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Showing results for tags 'risk management'.
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Q 745. ISO 31000 is an international standard providing guidelines for risk management. FMEA is the most popular risk assessment tool. Is there a case where integrating the two would improve risk prioritization and mitigation? Explain the synergies between the two methodologies with suitable examples Note for website visitors - This platform hosts two weekly questions, one on Tuesday and the other on Friday. All previous questions can be found here: https://www.benchmarksixsigma.com/forum/lean-six-sigma-business-excellence-questions/. To participate in the current question, please visit the forum homepage at https://www.benchmarksixsigma.com/forum/. The question will be open until Tuesday or Friday at 5 PM Indian Standard Time, depending on the launch day. Responses will not be visible until they are reviewed, and only non-plagiarised answers with less than 5-10% plagiarism will be considered for winner selection. If you are unsure about plagiarism, please check your answer using a plagiarism checker tool such as https://smallseotools.com/plagiarism-checker/ before submitting. All correct answers shall be published, and the top-rated answer will be displayed first. The author will receive an honourable mention in our Business Excellence dictionary at https://www.benchmarksixsigma.com/forum/business-excellence-dictionary-glossary/ along with the related term. Some people seem to be using AI platforms to find forum answers. This is a risky approach as AI responses are error-prone because our questions are application-oriented (they are never straightforward). Have a look at this funny example - https://www.benchmarksixsigma.com/forum/topic/39458-using-ai-to-respond-to-forum-questions/ We also use an AI content detector at https://quillbot.com/ai-content-detector. Only answers with less than 45-50% AI-generated content will be considered for winner selection.
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Q 635. Both Risk Register and FMEA are risk management tools. Compare the two and highlight their advantages, disadvantages and use cases. Note for website visitors - This platform hosts two weekly questions, one on Tuesday and the other on Friday. All previous questions can be found here: https://www.benchmarksixsigma.com/forum/lean-six-sigma-business-excellence-questions/. To participate in the current question, please visit the forum homepage at https://www.benchmarksixsigma.com/forum/. The question will be open until Tuesday or Friday at 5 PM Indian Standard Time, depending on the launch day. Responses will not be visible until they are reviewed, and only non-plagiarised answers with less than 5-10% plagiarism will be approved. If you are unsure about plagiarism, please check your answer using a plagiarism checker tool such as https://smallseotools.com/plagiarism-checker/ before submitting. All correct answers shall be published, and the top-rated answer will be displayed first. The author will receive an honorable mention in our Business Excellence dictionary at https://www.benchmarksixsigma.com/forum/business-excellence-dictionary-glossary/ along with the related term. Some people seem to be using AI platforms to find forum answers. This is a risky approach as AI responses are error prone as our questions are application-oriented (they are never straightforward). Have a look at this funny example - https://www.benchmarksixsigma.com/forum/topic/39458-using-ai-to-respond-to-forum-questions/ We also use an AI content detector at https://crossplag.com/ai-content-detector/. Only answers with less than 15-20% AI-generated content will be approved.
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Process Decision Program Chart
Vishwadeep Khatri posted a question in We ask and you answer! The best answer wins!
Q 594. What is a Process Decision Program Chart? Explain how it is used for contingency planning in process improvement projects along with an example. Note for website visitors - This platform hosts two weekly questions, one on Tuesday and the other on Friday. All previous questions can be found here: https://www.benchmarksixsigma.com/forum/lean-six-sigma-business-excellence-questions/. To participate in the current question, please visit the forum homepage at https://www.benchmarksixsigma.com/forum/. The question will be open until Tuesday or Friday at 5 PM Indian Standard Time, depending on the launch day. Responses will not be visible until they are reviewed, and only non-plagiarised answers with less than 5-10% plagiarism will be approved. If you are unsure about plagiarism, please check your answer using a plagiarism checker tool such as https://smallseotools.com/plagiarism-checker/ before submitting. All correct answers shall be published, and the top-rated answer will be displayed first. The author will receive an honorable mention in our Business Excellence dictionary at https://www.benchmarksixsigma.com/forum/business-excellence-dictionary-glossary/ along with the related term. Some people seem to be using AI platforms to find forum answers. This is a risky approach as AI responses are error prone as our questions are application-oriented (they are never straightforward). Have a look at this funny example - https://www.benchmarksixsigma.com/forum/topic/39458-using-ai-to-respond-to-forum-questions/ We also use an AI content detector at https://crossplag.com/ai-content-detector/. Only answers with less than 15-20% AI-generated content will be approved. -
Hi everyone, I have noticed in the corporate world that Detection rating in FMEA has multiple interpretations. Let us explore this. When you assess detection rating, what is the question you ask? A. What is the probability of the failure being detected and corrected before impacting the customer OR B. What is the probability of failure being detected (irrespective of timely correction) before customer is impacted? OR C. What is the probability of failure being detected or prevented (through detection of cause) before customer is impacted? OR D. What is the probability of the cause of failure being detected and corrected before failure occurs? OR E. What is the probability of the cause of failure being detected (irrespective of correction) without impacting the customer? Do mention your views. Remember, you may get on the leaderboard of this forum if your response is liked a lot by others.
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Risk Priority Number (RPN)
Vishwadeep Khatri posted a question in We ask and you answer! The best answer wins!
Q. 86 This question refers to FMEA and has reference to the following link - https://www.benchmarksixsigma.com/forum/topic/34926-fmea/ As per part of our November’17 Episode, in Q51 at the link above, we discussed the limitations of FMEA as a technique for Risk Assessment. In FMEA for each failure, we calculate a Risk Priority Number (RPN) which is a product of severity of failure (S), the likelihood of occurrence (O), and difficulty of detection in advance (D). These RPN values are used to rank the failures to eliminate/reduce risk, starting with the one with the highest RPN. Other than subjectivity involved in assigning a rating, what according to you are the limitations of using RPN values? Note for website visitors - Two questions are asked every week on this platform. One on Tuesday and the other on Friday. All questions so far can be seen here - https://www.benchmarksixsigma.com/forum/lean-six-sigma-business-excellence-questions/ Please visit the forum home page at https://www.benchmarksixsigma.com/forum/ to respond to the latest question open till the next Tuesday/ Friday evening as per Indian Standard Time. The best answer is always shown at the top among responses and the author finds honorable mention in our Business Excellence dictionary at https://www.benchmarksixsigma.com/forum/business-excellence-dictionary-glossary/ along with the related term.