Risk management of innovative projects using FMEA; a case study
by Yogesh D. Ghadage; Balkrishna E. Narkhede; Rakesh D. Raut
International Journal of Business Excellence (IJBEX), Vol. 20, No. 1, 2020

Abstract: Identification and management of risks in innovative projects is a crucial phase because of a high degree of inherent uncertainties. The present study attempts to identify the critical risk factors for innovative projects. This study intends to propose a methodology for risk management which utilises failure mode and effect analysis (FMEA) for quantification of risks for innovative projects. Based on the analysis the risks are prioritised. The evaluation of outcome indicates that the proposed methodology is successful since it identifies, classifies and analyses the risks. Additionally, current methodology helps to document the action plan and strategies to tackle identified critical risks.

Online publication date: Tue, 04-Feb-2020

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