Risk assessment using integrated FMEA techniques for PREI

Abstract Purpose: Purpose of this investigation is to identify the potential areas of risk assessment, and to use the most related and relevant tool and give the company a very best solutions for their reduction of customer base in PREI POLAR Chennai, India. The most effective tool which can overcome the whole occurrence of catastrophes can be assessed, evaluated and corrected using failure mode effect criticality analysis (FMECA) and Pairwise comparisons, these two different tools are in line with the requirements of this research Designing / Methodology / Approach: A potential literature analysis has been carried out to find the best suitable tools for the research and its framework, and to highlight the main advantages and short coming in the conventional FMEA and the improved Composite - FMEA, Composite FMEA has been introduce in the aim of addressing the limitations of the conventional FMEA that makes it most irrelevant for a control panel manufacturing company. Integration of 2 different methodologies provides an improved version of FMEA analysis with range of considering the range of criticality factors instead of only 3 main factors occurrence (o), Severity (s) and detection (D) .the proposed methodologies provides and long term risk assessment and correction process for the inadequate short comings of the Prior stages, A case of PREI POLAR has been considered throughout the research and conceptually implemented and proved below Findings : the result obtained confirm the capability of COMP-FMEA to provide the industry by addressing the several draw backs of conventional FMEA , the Finding can be successfully used to identify the most important factors which affect the performance of the company , and the factors which has to be improved to get the better output from the company. This finding can be great assets for the company to consider it for the success of this companies goals and strategies furthermore the tools also help’s to identify how far the failures can overall change the whole strategy of the company Limitations : Even we found the COMP-FMEA succeeded in addressing the several short comings of the company and giving the better risk assessment , it still depends on the just a judgmental evaluations in terms of linguistic conversations , A deep ground analysis can be carried out further in near future. Comp- FMEA does not include the correction process because of lagging data’s , which can be addressed in future works of this research , Integration of FMEA and six sigma would be an breakthrough if the Results has be considered carefully by the company