Running a Risk

Abstract:Risk-based decision-making (RBDM) is a method to recognize, evaluate and proactively manage risks and their potential effects. It adds structure to decision making, enabling better handling of both known and hidden risks. The RBDM process involves defining the decisions to be made, identifying the decision makers, specifying available options and influencing factors, and organizing information about possible negative outcomes, their likelihood and consequences. Risk management actions taken should be tracked for their effectiveness. The goal of the risk-based decision making process is to reduce or eliminate as much risk as possible, within reasonable limits for cost and …

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Really appreciate this article and the timeliness of it. Very good article on not just say doing an FMEA but thinking through the components of it.
--Annette Duty, 05-11-2016

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