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https://doi.org/10.24874/qf.25...
Article . 2025 . Peer-reviewed
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OVERVIEW OF RISK MANAGEMENT TOOLS USING THE PDCA CYCLE

Authors: Buntak, Krešimir; Globočnik Žunac, Ana; Adamić Ciglar, Viktorija;

OVERVIEW OF RISK MANAGEMENT TOOLS USING THE PDCA CYCLE

Abstract

Continuous improvement of processes, products,and services is the goal of every organization to ensurebusiness sustainability through careful planning andimplementation. Risk assessment implementation involves aseries of requirements that must be met, as defined and conditioned by the ISO 31010:2019 standard. Riskassessment within this standard is based on the PDCA (Plan-Do-Check-Act) cycle, which enables a systematic and continuous approach to risk identification, analysis, and management. A wide range of tools and methods for risk assessment, as outlined in ISO 31010:2019, can be integrated within the PDCA cycle, ensuring effective risk management and process optimization within the organization. In the planning phase (Plan P), risk identification is conducted using methods such as FMEA, SWOT analysis, scenario analysis, and the Delphi method. During the implementation phase (Do D), quantitative and qualitative risk analysis methods are applied, including Monte Carlo simulations, the risk consequence and probability matrix, and Fault Tree Analysis (FTA). In the verification phase (Check C), the results of the implemented methods are analyzed through statistical analysis, mathematical calculations, data audits, and comparison with reference values. Finally, in the action phase (Act A), corrective measures and improvements are introduced based on the obtained results. In conclusion, the PDCA cycle, besides ensuring a systematic, repeatable, and adaptable risk assessment process, allows for continuous monitoring and adjustment of measures, ultimately minimizing risks to the lowest possible level

Keywords

FMEA method, PDCA cycle, Deming cycle, risk assessment, ISO 31010:2018

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
0
Average
Average
Average