Making or supporting decisions involving product or system reliability is fraught with uncertainty. Is it reliable enough? Will failures occur prematurely? Are failures dangerous?
Uncertainty is risk.
In recent years more organizations and international standard bodies have focused on risk management. Identifying, analyzing, and mitigating uncertainty in a systematic manner.
There is not a set way for every organization to organize a risk management process. The ISO 31000 standard does describe a framework for the implementation of risk management within your organization. [Read more…]