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Title: Risk management of innovative projects using FMEA; a case study

Authors: Yogesh D. Ghadage; Balkrishna E. Narkhede; Rakesh D. Raut

Addresses: Department of Production Engineering, Veermata Jijabai Technological Institute (VJTI), H.R. Mahajani Road, Matunga, Mumbai, Maharashtra 400019, India ' Department of Industrial Engineering and Manufacturing Systems, National Institute of Industrial Engineering (NITIE), Vihar Lake, NITIE, Powai, Mumbai, Maharashtra 400087, India ' Department of Operations and Supply Chain Management, National Institute of Industrial Engineering (NITIE), Vihar Lake, NITIE, Powai, Mumbai, Maharashtra 400087, India

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.

Keywords: risk management; innovative projects; failure mode and effect analysis; FMEA.

DOI: 10.1504/IJBEX.2020.104841

International Journal of Business Excellence, 2020 Vol.20 No.1, pp.70 - 97

Received: 19 Apr 2018
Accepted: 22 Sep 2018

Published online: 31 Jan 2020 *

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