Paper Title
Comparison and Contrast of Project Risk Analysis Tools: A Topic Analysis Measuring Effectiveness of RFMEA Over FMEA
Abstract
The dilemma whether risk management tools provides control measures, detect variations and offer competencies
to make differences for projects is questionable and relevant to both practitioners and research communities from a longtime.
In this paper a review of previous literatures addressing latest development and key findings focusing on project risk
analysis tools is presented. In addition, a qualitative analysis of case studies is carried out to describe how FMEA and
RFMEA works and how they serve purpose. The results states the effectiveness of using RFMEA during project life cycle
generating accurate mitigation measures. The findings recommend to increase exponential curve of awareness of risk tools
by gauging actual evaluation and differences. Lastly, new research directions indicate limitations and suggestions for tools in
practice and theory to overcome created gap in their applicability.
Keywords- FMEA, RFMEA, Project Risk Management (PRM), Risk analysis, Risk mitigation