FMEA

Failure Mode Effects Analysis

I mentioned it a few weeks ago.

In a nutshell it is a relatively fast and dirty way of weighting and assessing relatively relative priority of risks. It is not a risk assessment and certainly not a ALE but if you combine it with a good series of BIA's linked empirically to the Failure Effects that are assessed against it can close a lot of gaps with not much work. If I were a consultant looking for a quick way to add risk prioritization value to a client I would certainly look into it. If the ratings table is properly developed it also significantly reduces the controversy of the rankings quite a bit.


More later