Paper Title :Comparison and Contrast of Project Risk Analysis Tools: A Topic Analysis Measuring Effectiveness of RFMEA Over FMEA

Author :Vaibhavi Chavan

Article Citation :Vaibhavi Chavan , (2019 ) " Comparison and Contrast of Project Risk Analysis Tools: A Topic Analysis Measuring Effectiveness of RFMEA Over FMEA " , International Journal of Management and Applied Science (IJMAS) , pp. 17-26, Volume-5,Issue-9

Abstract : The dilemma whether risk management tools provides control measures, detect variations and offer competencies to make differences for projects is questionable and relevant to both practitioners and research communities from a longtime. In this paper a review of previous literatures addressing latest development and key findings focusing on project risk analysis tools is presented. In addition, a qualitative analysis of case studies is carried out to describe how FMEA and RFMEA works and how they serve purpose. The results states the effectiveness of using RFMEA during project life cycle generating accurate mitigation measures. The findings recommend to increase exponential curve of awareness of risk tools by gauging actual evaluation and differences. Lastly, new research directions indicate limitations and suggestions for tools in practice and theory to overcome created gap in their applicability. Keywords- FMEA, RFMEA, Project Risk Management (PRM), Risk analysis, Risk mitigation

Type : Research paper

Published : Volume-5,Issue-9

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