Abstract
Project risk management's aim is to afford vision of the risk profile of a project to support decision-makers to reduce the consequences of risks on project purposes such as time and budget. Risk evaluation and treatment of the whole project fronts the crises of developing irrelevant reactions. Despite every risk is by nature subjective, at the time of risk management progress many analytical models have been developed. Nowadays risk management tools are obtaining big attention, as it is a way to reduce costs, improve schedule and redevelop technical performance of new products. However, there is still a lack of researches directed on the investigation of the productive integration of risk management tools into an organization. Quantitative tools remain the best choice so this study broaches one of them named RFMEA. The research provides a basis for a quantitative approach to risk assessment in a project of an engineering company. Because of changes coming to the traditional risk management process caused by implementing Industry 4.0 in the automotive industry, there is considered management of Innovation. The outline is made of risk management trends.
Highlights
In a competitive marketplace, technological innovations make one of the important keys for organizations to survive and reach goals
This paper enables a project manager to define specific categories of risk factors and suggests one of the techniques for detailed analysis of the risk impact
Every innovation depending on its nature effects differently markets and companies, and R&D projects in step
Summary
Technological innovations make one of the important keys for organizations to survive and reach goals. Different types of innovations involving uncertainties of technologies cause failures of R&D projects. This is one of the reasons, why it is very important to manage risk for innovative projects through all the development stages. National investments are supporting key enabling technologies, as additive manufacturing, to uphold innovation beyond a large spectrum of resources and products. By their nature, carry uncertainties, including potential risks and ways how to manage them. Managing risks is a big part of everyday life and especially initial to businesses working with
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
