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A new framework for risk assessment analysis in manufacturing is proposed by integrating qualitative and quantitative risk analysis methods. This integrative approach brings about a comprehensive view of risk for the stakeholders using Failure Modes and Effects Analysis (FMEA) and increases the precision of the risk analysis by Discrete Event Simulation (DES). An extended FMEA worksheet, named Simulation-Based-FMEA (SB-FMEA) worksheet, is also proposed. The complementary information in this worksheet increases the compatibility of FMEA and simulation process. Also in this research the existing relations between System and process FMEA with product FMEA has been studied. In order to validate the approach, a case study in supply chain is presented. Considering three possible scenarios in the case, risk analysis is performed based on the predefined risk-based performance indicators. In addition, process modeling tools are applied to manage and support the data flow in the framework.