A value/risk -based performance evaluation framework is proposed in the context of manufacturing processes at the industrialization phase of product development. Various risk factors of the manufacturing process are identified through Failure Mode and Effect Analysis (FMEA) and then embedded in the process plan models. Modelling and simulation are then employed for determining the value a process plan can create and the risk it is exposed to. Alternative scenarios are developed, simulated and compared with a reference scenario. The methodology is illustrated with a case study issued from parts manufacturing but is applicable to a wide range of other processes.
