Risk Management & FMEA | A Comprehensive Guide
Glossary
Table of Contents
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Acronyms
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Terms
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Definition
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FMEA
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Failure Modes and Effects Analysis
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A systematic methodology used to identify and evaluate potential failure modes of a product, process, or system, and assess their potential effects and severity.
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RPN
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Risk Priority Number
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A numerical value calculated by multiplying the Severity, Occurrence, and Detection ratings in an FMEA, used to prioritize and rank potential failure modes.
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ALARP
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As Low As Reasonably Practicable
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A principle in risk management that suggests risks should be reduced to a level where they are reasonably mitigated, balancing cost and effort against potential harm.
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BIA
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Business Impact Analysis
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An assessment process that identifies and evaluates potential impacts of disruptions to a business operation, helping prioritize risk mitigation strategies.
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C&E Matrix
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Cause and Effect Matrix
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A tool that visually represents the relationship between causes (factors) and effects (consequences) in a structured manner, often used in FMEA analysis.
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CP
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Control Plan
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A document outlining the specific controls, actions, and measures that will be implemented to manage and reduce the risks associated with identified failure modes.
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CRAMM
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CCTA Risk Analysis and Management Method
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A structured risk assessment methodology used primarily in the field of IT risk management to evaluate and mitigate risks associated with information systems.
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DFMEA
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Design Failure Modes and Effects Analysis
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An FMEA performed during the design phase of a product or process to identify potential failure modes and their effects on the design and functionality.
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DRBFM
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Design Review Based on Failure Modes
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A methodology that focuses on designing for robustness by using cross-functional teams to identify potential failure modes early in the design process and mitigate them.
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ERM
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Enterprise Risk Management
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A comprehensive approach to managing all types of risks across an entire organization, considering both strategic and operational risks to achieve business objectives.
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FTA
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Fault Tree Analysis
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A graphical technique used to analyze the various combinations of events that could lead to a specific undesired outcome, helping to identify root causes of failures.
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HAZOP
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Hazard and Operability Study
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A structured and systematic technique used to identify and assess potential hazards, risks, and operational issues in a process or system design.
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ISO
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International Organization for Standardization
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An international standard-setting body that develops and publishes standards, including those related to risk management (e.g., ISO 31000 and ISO 14971).
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JSA
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Job Safety Analysis
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A process used to identify and mitigate potential risks and hazards associated with specific job tasks, helping to create safer work procedures and environments.
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LOPA
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Layers of Protection Analysis
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A semi-quantitative risk assessment technique that analyzes independent layers of protection to determine whether the overall risk is acceptable and within specified limits.
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MTTF
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Mean Time To Failure
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An average measure of the time between failures for a system, component, or equipment, used in reliability analysis to predict the expected performance and failures.
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ORM
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Operational Risk Management
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The process of identifying, assessing, and mitigating risks that can arise from an organization's operations, processes, and activities, impacting its objectives.
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PRA
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Probabilistic Risk Assessment
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An analytical technique that assesses the potential risks and uncertainties associated with complex systems, incorporating probabilities and uncertainties into analysis.
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QRA
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Quantitative Risk Assessment
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An approach that uses numerical values and data to assess risks, providing a quantitative estimation of the likelihood and consequences of identified risks.
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RCM
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Reliability-Centered Maintenance
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A strategy used to develop maintenance programs for systems and equipment by analyzing their failure modes, consequences, and criticality to optimize maintenance efforts.
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RCA
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Root Cause Analysis
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A systematic process used to identify the fundamental underlying causes of failures or incidents, enabling effective corrective and preventive actions to be implemented.
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RMF
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Risk Management Framework
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A structured approach and set of guidelines for identifying, assessing, and mitigating risks in various domains, such as cybersecurity (e.g., NIST Cybersecurity Framework).
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SAE
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Society of Automotive Engineers (SAE International)
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A professional organization that develops standards and best practices in the automotive, aerospace, and commercial vehicle industries, including risk management.
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SIF
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Safety Instrumented Function
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A function implemented to prevent or mitigate specific process-related hazards, typically involving automatic safety systems that take action when predefined conditions occur.
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SWIFT
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Society for Worldwide Interbank Financial Telecommunication (SWIFT)
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An international financial messaging network used by banks and financial institutions to securely transmit information, including risk-related communications.
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TARA
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Threat and Risk Assessment
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An evaluation process that identifies and assesses potential threats and associated risks to determine appropriate risk mitigation strategies and security measures.
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V&V
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Verification and Validation
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The process of ensuring that a product, system, or process meets its design specifications and requirements while also validating its effectiveness in real-world scenarios.
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WBS
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Work Breakdown Structure
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A hierarchical breakdown of a project or task into smaller, manageable components, facilitating risk identification, allocation of resources, and project planning.
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WEF
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Worst-Case Event Forecasting
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An analysis technique that considers the worst-case scenarios and their potential impacts to prepare for extreme events, enhancing an organization's risk preparedness.
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