Using Failure Modes and Effects Analysis
Ever wish you had a crystal ball to manage risk? Think how great it would be if you could anticipate issues and fix them before they turn into real problems, e.g., expensive claims.
That’s what Failure Modes and Effects Analysis – or FMEA – is all about. While many risk management activities are focused on reviewing past events, such as claims incurred over the past year, FMEA focuses on identifying weak spots in advance to avoid trouble in the first place.
Download our new e-book, Stop Trouble in Its Tracks: How to Proactively Manage Risk with Failure Modes and Effects Analysis, to find out how you can leverage FMEA in your organization.
- What is FMEA?
- Selecting the right process to examine
- How to identify potential “failure modes”
- How to develop a rating scale for evaluation and score each failure mode
- How to develop an action plan
- How technology can support FMEA