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Glossary

Glossary

Table of Contents

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