In many projects, it is rarely possible to foresee action that will be needed in the
future (POLLACK, 2007). Given these circumstances, we have to manage events that
might exacerbate any harmful effects. It is necessary, therefore, to establish mechanisms
for risk management. In this paper, we have presented a simple model that can be
adopted by project managers. By combining the well-known concepts of FMEA with
the requisites of PMBOK, the proposed tool analyzed here may be helpful in reducing
risks in a project. Using the same reasoning as Bertolini et al. (2006), the approach of
the model proposed here allows the user to analyze a generic process of a company in a
straightforward but detailed and structured way. The model’s simplicity not only
facilitates its use and dissemination, but it can also help companies to save both
financial and human resources. In other words, simple ideas can be used to solve
complex problems (PYRA and TRASK, 2002).
Our analysis of PMBOK’s requirements for project risk management and the available
tools in our model based on FMEA have demonstrated that the proposed model fulfills
71% of PMBOK’s requirements to a high or a medium degree. This indicates that
FMEA can be considered as a tool to be tested in project risk management in other areas
other than product development in manufacturing, such as Information Technology
projects.
The application of the suggested model to a real case indicates that it presents a
feasible alternative for project risk management. Furthermore, the model enables
outcomes that provide concrete results: a Risk Diagram, an Evaluation Matrix and
Action List.
The main characteristics that differentiate our model from PMI methodology for
risk management lies in the way severity is addressed and detection criterion. In our
model, we assign values on a numerical scale rather than in terms of monetary values.
Naturally, financial issues can continue to drive the analysis, however, using a scale
makes it easier to carry out a risk analysis as it enables the construction of a numerical
risk index (or according to FMEA concept the Risk Priority Number - RPN). The
inclusion of the detection dimension adds value to PMI’s risk management analysis as it
provides a structured way of predicting failures and avoiding them before they occur.
It must be emphasized that the proposed model was tested without the assistance
of a specific information system for project management. If an information system had
been used, the risk management process would have been boosted. The automatization
provided by IT tools could also evaluate the model’s robustness, stressing either its
strengths or weaknesses. We intend to do this in the future.