The SEV, PROB, and CTRL fields quantify the amount of risk to which the project is exposed.  The higher the number, the more risk to the project. This information is used to prioritize and generate action to reduce or eliminate (transfer) the risk.

Also, we wish to identify the detection—how do you know the risk is imminent or has been encountered or is likely to be encountered. The identified responsible person or persons have an established completion date for the action as a stimulus to completion. If our actions are successful, we would expect to see the following changes to the fields

• SEV
  • After reduction, severity may be reduced
  • In many cases, the severity will remain the same but the other two factors will decrease
• PROB
  • The probability of the event should be reduced
  • Reduce this factor will affect the post-mitigation RPN
• CTRL
  • The control should have a reduced value if we have implemented one or more improved controls into the process
• RPN
  • The post-mitigation RPN should be reduced over the pre-mitigation RPN
  • If this is not the case:
    • We have to live with the risk (if RPN is not very high)
      • OR
    • We have an issue that should be elevated to higher levels of management
• $$ RISK
  • We may choose to sort our table on $$ risk rather than severity to highlight significant financial challenges

Sum of $$ Risk is contingency $$ for the project.  More coming up for part 3 of RFMEA!