Reflection And Discussion 3summaryin Chapter 7 Failure Modes An ✓ Solved
Summary In chapter 7, failure modes and effects criticality analysis (FMECA) are explained in detail. This method is widely used in the automotive industry. FMECA is used to detect component failures in vehicle lines. The type of failure shows the extent of FMECA application. Once the reason for a component failure is determined, the suppliers are notified and given time to provide a repair action for it.
The primary function of this method is to identify the risks and the necessary action is taken by a stakeholder. In chapter 8, one of the interesting topics I have come across is risk mapping. Risk mapping is a tool used for both current and future projects. Risk can be identified as small and large clusters and mapping them can develop risk trends. These trends can be compared with previous projects and used as a project strategy.
The risks can be either mapped by their severity levels or by their categories.
Risk Identification
Risk identification is a process of identifying, analyzing, and documenting the risks that would prevent a project or an event from being successful. In risk evaluation, the likelihood of a risk occurrence determines the severity of a risk. A risk that has a high chance of occurrence is a high-severity risk, relatively low chance is medium and would rarely occur as low-severity risk. The probability and consequence of a risk occurrence are evaluated by impact analysis.
The impact evaluation can be performed by qualitative and quantitative analysis. Risk remediation is of four types: risk avoidance, acceptance, transference, and limitation. A project risk owner monitors risks and develops strategies to mitigate and remedy them. A risk threshold is the maximum amount of risk that an organization or a stakeholder is willing to take. A risk matrix is a diagrammatic representation of risks.
Risk Analysis
The following table outlines the potential risks related to a family vacation to Myrtle Beach, SC, at a Coastal resort:
| Risk Description | Probability Range (High=5, Medium=3, Low=1) | Severity Range (High=5, Low=1) | Risk Factor | Risk Mitigation Plan |
|---|---|---|---|---|
| Gas tank is not completely filled | Medium | High | 20 | Fill the gas tank prior to travel |
| Forgotten to pack some important items | Medium | High | 20 | Make a checklist of items that need to be packed |
| Sudden occurrence of rain or storms | Medium | Medium | 15 | Check the weather reports and have a contingency plan |
| Car runs into trouble | High | High | 25 | Take the car to a technician for a check-up a few days before travel |
| Accidents on the route causing road blockages | Medium | Medium | 12 | Check local news for road blockages |
| Bookings on waiting list at resort (not confirmed) | High | Medium | 20 | Confirm booking at least 48 hours before travel |
Conclusion
In summary, recognizing and mitigating risks is essential in effective project management. The tools and concepts from chapters 7 and 8 significantly contribute to minimizing the impact of potential risks on achieving project objectives. Identifying risks, evaluating their probabilities and impacts, and planning for mitigation are critical processes that enables stakeholders to safeguard a project's success. By applying these strategies in a real-world context, such as a family vacation planning scenario, the concepts become tangible and practical.
References
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