Tag: risk priority number

With ever more complex products, processes and services the potential for high impact failure modes increases. Risk management is crucial for business success and the calculation of Risk Priority Number with mitigation and correction actions is an industry standard methodology that helps achieve your quality goals.

Within the world of risk management – a common aspect of improvement projects – there is a distinction between response and mitigation. A response is taken in reaction to risk, while mitigation is undertaken proactively. Thus, responses are implemented once risk materializes, and mitigation actions must be planned and implemented before a risk presents itself. […]