Failure Modes and Effects Analysis (FMEA)
Methodology used to identify potential errors early on in development and prevent them by using suitable measures.
The following fields from FMEA are available in Project Management:
Severity
: Severity of the consequences of errors
Detection
: Probability of the detection of errors
Occurrence
: Probability of the occurrence of errors
Here you can enter values between 1 (no risk) and 10 (high risk). The product of these values is the risk priority number
, on which the actual risk calculation is based. The higher the risk priority number, the more important it is to correct the cause of the error(s).