Failure mode and effects analysis (FMEA) is a widely used risk assessment tool for defining, identifying, and eliminating potential failures or problems in products, process, designs, and services.
In addition, by the 1990s, with maturing of practices and theories of private property rights, commercialization and control of innovations in products, process technologies and coercive opening up of global markets; market competition intensified globally.
Chemical processes are generally modeled through monoscale approaches, which, while not adequate, satisfy a useful role in product-process design.
In this case, use of a multi-dimensional and multi-scale model-based approach has importance in product-process development.
An alternative approach is the use of a systematic model-based framework according to an established work-flow in product-process design, replacing some of the time consuming and/or repetitive experimental steps.
They enable downstream innovations in products, processes, business models and business organization (Satapathy and Mishra 2013).
Failure mode and effects analysis (FMEA) has been extensively used for examining potential failures in products, processes, designs and services.
Again, innovations in products, processes, technology, and services are characteristics of these types of financial service institutions (Barras, 1986; Batiz-Lazo and Woldesenbet, 2006).
In fact, the Malaysian banking industry has witnessed radical transformations based on many innovations in products, processes, services, business models, technology, and delivery systems.
All countries consider entrepreneurial promotion as a crucial policy for sustained employment creation, as well as innovation in products, production processes and organizations (OECD Council Report, 2012).
