Decision Making by the Analysis of Project Risks Based on the FMEA Method

A new approach is proposed for representing project risks. It is based on the FMEA (Failure modes and effects analysis) method and each risk is determined by three parameters: probability of occurrence, occurrence time and damage (weight index). By this way, risks can be plotted graphically in 3-D space. Therefore, the analysis of project risks becomes easier and more efficient ways for managing and responding to them will be available. The application of the proposed method for a small unmanned aerial vehicle (UAV) development project is presented.