Risk Assessment Process
A robust, effective obsolescence risk assessment is central to a good Obsolescence Management Plan. A good quality process must be in place utilising appropriate processes and tools.
Once the Risk Assessment process has been completed, the components in the BOM can be prioritised based on their obsolescence risk level. The key priority in managing obsolescence is to deploy mitigation strategies to address the High risk components. The next priority is to address the Medium risk components. The Low risk components should be dealt with in a reactive way because it would not be cost-effective to put effort into managing them proactively.
Once the decisions about the level of pro activeness have been made and mitigation and resolution approaches have been decided, they need to be recorded and implemented. A prioritised Obsolescence Risk Register should record details of all assessments and decisions.
The output of this Risk Assessment will be:
- Obsolescence Status
- High Risk
- Low Risk
- Part Maturity which may affect obsolescence risk
- Impact of Legislation
- Integration with Inventory to understand actual impact e.g.
- Stock Levels (local or supply chain)
- Consumption Rates
- Failure Rates
TLS have significant experience in developing and implementing processes to enable organisations to be able to analyse, understand and mitigate obsolescence risk.