Risk Management Implementation

Abstract

Management of production and manufacturing processes has been automatized in the Industry 4.0 era. This has been possible with the development of more complex IT infrastructure resulting into modified network and frameworks. However, with the modifications comes the risks. The framework comprises of connections between manufacturing systems, objects, activities and humans. Owing to the connections and real time processing of data, frameworks have become more complex. Furthermore, from time to time, there is always requirement to upgrade the existing management infrastructure, production infrastructure and the related technologies. This is because of the volume of data generated and the demand for mass customization of products. As such the risks associated under such environment is inevitable. The theme of the present chapter is to illuminate its readers with the aspects of risk management in Industry 4.0 era and its implementation through a dedicated framework.