Risk management of innovative projects using FMEA; a case study

Yogesh D. Ghadage, Balkrishna E. Narkhede and Rakesh D. Raut

International Journal of Business Excellence, 2020, vol. 20, issue 1, 70-97

Abstract: Identification and management of risks in innovative projects is a crucial phase because of a high degree of inherent uncertainties. The present study attempts to identify the critical risk factors for innovative projects. This study intends to propose a methodology for risk management which utilises failure mode and effect analysis (FMEA) for quantification of risks for innovative projects. Based on the analysis the risks are prioritised. The evaluation of outcome indicates that the proposed methodology is successful since it identifies, classifies and analyses the risks. Additionally, current methodology helps to document the action plan and strategies to tackle identified critical risks.

Keywords: risk management; innovative projects; failure mode and effect analysis; FMEA. (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijbexc:v:20:y:2020:i:1:p:70-97

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