Application of Risk Assessment Models for Project Planning a Case Study of RUD India Chain PVT. LTD.

This study explores the application of risk-assessment models in the context of material handling projects at RUD India Chain Pvt. Ltd., a subsidiary of the German RUD Group. The research draws on primary data collected during a 45-day internship at the company’s Asangaon manufacturing facility and secondary data from public sources. Key operational risks including safety, quality, supply chain, and maintenance risks are identified and categorized. Qualitative and quantitative risk models such as FMEA, risk matrix, and Monte Carlo simulation are applied to evaluate these risks. A novel risk prioritization framework is proposed, inspired by the FEFO (First-Expired, First-Out) inventory principle, adapted to risk management as “First-Identified, First-Managed.” The paper further recommends institutional mechanisms including a Risk Management Office, risk dashboard, and predictive maintenance, tailored for RUD India’s project lifecycle. The findings demonstrate that structured risk assessment can significantly enhance project robustness, reduce unexpected failures, and promote a proactive risk culture in operations. Implications are discussed for both academic research and industrial practice, with suggestions for future studies in scaling risk frameworks across global manufacturing units.