Risk diversification is an important strategy to handle risks: Can you fill in the right terms?
We divide risk measurement into "quantitative" and "qualitative" methods. Can you fill in the right terms?
FMEA is a risk management method in the product development process. Can you define it?
FMEA := Falsification Method in Engineering Analytics
FMEA := Failure Method in Engineering Analysis
FMEA := Failure Mode and Effect Analysis
FMEA := Failure Method and Effect Analytics
Within the FMEA method, the calculation and evaluation of the RPN (Risk Priority Number) is crucial. Are you able to check if the following statements are true (or false)?
RPN helps the responsible risk management team to prioritize risks.
RPN is calculated by multiplying Severity (S), Occurrence (O), and Detection (D).
Severity (S): A high severity ranking indicates severe risk.
Occurrence (O): A low occurrence rank reflects high failure occurrence potential.
Detection (D): A high detection rank reflects high detection capability.
Detection (D): A high detection rank reflects low detection capability.
Occurrence (O): A high occurrence rank reflects high failure occurrence potential.
Severity (S): A low severity ranking indicates severe risk.
The maximum value of RPN is 10x10x10 = 1000.
Let's bring risk management to the context of strategical procurement. Can you fill in the missing text?
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