Evaluation of Risk Management Tactics to Ensure Seamless Production
A leading manufacturer of car accessories was facing difficulties with maintaining their profitability owing to the multiple issues occurring throughout the maintenance process, owing to which production had to be shut down. They approached Fact.MR to help them evaluate and tackle the multiple risks in the production process.
Fact.MR came up with an effective schedule for risk maintenance to ensure extensive monitoring of various risks. Potential risk sources/events for each activity were addressed for the client to keep an eye on. A scenario analysis was carried out by Fact.MR to identify various possibilities with their respective probabilities of occurrence. Out of all the risks listed, the critical ones were labelled to deal with on a priority basis.
The insights helped the client spot the foreseeable troubles in various production processes and aided in facilitating enhanced decision making. The client was also able to build a better defense mechanism to address appropriate regulatory issues.