Risk Analysis Methods (Causes/Threats)

The SWOT analysis is an instrument of strategic corporate management with which strengths and weaknesses of the company or its supply chain, as well as the opportunities and threats in the environment, can be uncovered. The resulting findings can be used to identify risks by comparing the requirements of the market with the potential of the company or supply chain. Finally, identified weaknesses are to be regarded as risks, whereby these can be both strategic and operational in nature.

Originally, the scenario technique came from the military field, but today it is also frequently used for economic and social issues. Basically, the scenario technique combines quantitative and qualitative forecasting elements. Thus, no pure linear projection is made on the basis of historical data.

The preliminary hazard analysis (PHA) is a semi-quantitative risk analysis methods that is used to identify potential hazards and the corresponding top events (risks). The PHA sheet identifies as well the required measures and follow-up actions to control the hazard sources. The PHA should consider hazardous components, facilities, safety-related equipment, and environmental constraints.

The FTA (fault tree analysis) is a scientific method for detailed fault analysis. It serves the systematic identification and documentation of possible causes for errors or misconduct. Found causes are broken down as precisely as possible to get a comprehensive fault analysis.

The Failure Mode and Effects Analysis is a cross-industry established method to identify and eliminate potential failures, problems, errors and risks of a system, design or process before adverse consequences reach the internal/external customers. The basic idea of the FMEA is thus the preventive risk identification and error prevention instead of a subsequent correction.