What is Acceptable Risk

Abstract

Carl and Fred discussing the broad subject of risk, focusing on the concept of acceptable risk.

Key Points

Join Carl and Fred as they discuss

Topics include:

• Rare events that are high consequence, with low probability
• In FMEA, high severity with low occurrence, can still be high risk
• In FMEA, always address high severity issues first
• Use strategies to reduce severity or occurrence risk
• There is no such thing as zero risk
• When has risk been reduced sufficiently? What is “acceptable risk”?
• ISO standards on the subject of risk management
• Risk has two primary components: severity and probability
• In FMEA, companies can consider different combinations of S, O, and D, and assign red, yellow, green to support risk prioritization
• Business vs technical risk
• Reliability practitioners help management make good decisions
• Tools to manage risk
• Use of FMEA to identify and achieve acceptable risk
• As a practitioner, what can you do if your company goes forward with unacceptable risk?

Enjoy an episode of Speaking of Reliability. Where you can join friends as they discuss reliability topics. Join us as we discuss topics ranging from design for reliability techniques, to field data analysis approaches.

SOR 431 What is Acceptable RiskCarl S. Carlson

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Show Notes

“In matters of style, swim with the current. In matters of principle, stand like a rock.” Thomas Jefferson