Risk is uncertainty. Will this work? How will this item fail? Is it safe? Risk is not limited to product failure as it includes brand topics such as market acceptance, regulatory approval, supply chain stability, international conflicts, and more. Reliability engineering tends to focus on product failure to perform as expected and we have to fit into the large context of risks facing any product or system.
Let’s talk about risk, risk management, and our role in identifying and mitigating risks. Plus, let’s explore how reliability engineering tools fit into the larger risk management processes many organizations have in place.
There are a few ways to deal with risk. From ignoring potential risks until forced into action, to anticipating risks and preparing responses, just in case. We will do a bit of both, as we will not anticipate all potential risks, there are still surprises out there. Yet, the better we are with identifying risks, understanding our roles and responsibilities, we can eliminate or mitigate risks well.