What are some common risk assessment tools?
An example of an AI chatbot conversation about common risk assessment tools.
What are some common risk assessment tools?
Common risk assessment tools include SWOT analysis, risk matrices, and FMEA. Would you like to know more about any specific tool?
Can you explain how a SWOT analysis works?
Sure! A SWOT analysis evaluates Strengths, Weaknesses, Opportunities, and Threats related to a project or business.
What is a risk matrix?
A risk matrix is a visual tool that helps prioritize risks based on their likelihood and impact, aiding in decision-making.
How does FMEA help in risk assessment?
FMEA, or Failure Mode and Effects Analysis, identifies potential failure points in a process and assesses their impact to mitigate risks.
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