Search for methods to control & reduce variability & management efforts along with associated risk evaluation & actions, have been an area of keen interest for industries focused on operational excellence. This thesis address the second aspect i.e. risk evaluation & action plans, however control and reduction of variability & management efforts have never been neglected because it provides us a mean to quantify the excellence obtained as a result of proposed methodology. Main question addressed in this thesis are: How to evaluate and improve the performance of production processes using integrated and dynamic risk analysis approach? How to define unified action plans to better understand variability to avoid non conformities? Global method is proposed for the dynamic management of action plans: It includes establishing links between equipment & real time events based on risk levels and proposing a unified action plan based on human expertise & real events to help in decisions and feedback. This thesis also proposes solutions for operational risk management and working methodologies applied to semiconductor industry BUT generic enough to be applied to other industries. Keywords: Risk analysis,
