Enhancements to Failure Mode and Effects Analysis (FMEA) Method, Aiming to Improve Risk Management in the Knowledge-Based Organizations

Abstract

Abstract This paper presents the current state of risk management in the knowledge-based organisations and the importance of a preventive approach, with emphasis on the aerospace and defence industry, as well as gives detailed information on the Failure Mode and Effects Analysis (FMEA) method, in its current known state. In order to generate enhancements to the Failure Mode and Effects Analysis (FMEA) method, the strong and weak points are analysed and specific solutions are proposed for the weak points, such as occurrence scoring, with the goal of enhancing the Failure Mode and Effects Analysis (FMEA) method and, in general, of improving risk management in the knowledge-based organizations. In conclusion, the paper evaluates the improvements generated by the proposed solutions, compared to the current known method, in order to establish the value added by the enhancements.