Final answer:
The risk assessment tool described is a variation of the risk severity matrix that includes the ease of detection for each identified risk. This is commonly referred to as FMEA analysis (Failure Mode and Effects Analysis). Option B
Step-by-step explanation:
The risk assessment tool described in the question is a variation of the risk severity matrix that includes the ease of detection for each identified risk. This is commonly referred to as the FMEA analysis (Failure Mode and Effects Analysis).
FMEA analysis is a systematic approach used to identify and prioritize potential failures in a process or system, evaluating their severity, occurrence, and detectability. By considering the ease of detection, it helps in determining the overall risk level associated with each identified risk.
For example, in a manufacturing setting, FMEA analysis can be used to identify potential failure modes in a production line, assess the severity of each failure, estimate its likelihood of occurrence, and evaluate the ease of detection. This information allows organizations to prioritize risks and implement preventive measures. Option B