Application Of Integrated FTA And 5x5 Matrix for the Comprehensive Risk Evaluation of a Project-Based Enterprise

Abstract

Risk management play an important role on preventing failures of any enterprise as it ensures an effective planning and control. Not managing such failures including political, geographical, project, environmental, monetary, human, supply chain risks of the enterprises cause irreparable results. Therefore, there is a need for a comprehensive risk assessment approach regarding qualitative and quantitative risk factors. This paper tackles this need and Fishbone Diagram (FD) as a qualitative method and integrated 5x5 Matrix and Fault Tree Analysis (FTA) methods are used as quantitative methods. The root causes of the risks are examined by taking a project-based enterprise into consideration and evaluated by applying an integrated risk analysis method. Taking into account the risk analysis results obtained, measures are recommended. An improvement of approximately 24% has been achieved as a result of the application of measures. The efficiency of the proposed methods is illustrated in the real world data of a project-based pipeline manufacturing system and the obtained results demonstrate that practitioners and researchers can easily use these methods to prevent the risks.

Keywords

• Risk Analysis
• Fault Tree Analysis
• 5x5 Matrix
• Fishbone Diagram

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