Empirical evidence has acknowledged the effectiveness of the extended version of the Failure Mode and Effect Analysis (FMEA), namely, Project Risk FMEA, known as RFMEA, compared to other existing methods in identifying and prioritising major risks (Carbone & Tippett, 2004; Mastroianni, 2011). The foregoing method may constitute a remedial solution to address the issues concerning risk management in R&D projects. However, the literature lacks inquiries that substantiate the claims regarding the effectiveness of the RFMEA risk management model in the R&D context.
plans.