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Failure mode and effects analysis

From HTMcommunityDB.org

FMEA or failure mode and effects analysis 
... is a systematic step-by-step method for identifying system vulnerabilities i.e. ways in which things could go wrong in any kind of process, and prioritizing those vulnerabilities with respect to the likelihood that those things will happen, and the seriousness of the consequences of those process failures. It is the core methodology on which the RCM or Reliability-centered Maintenance approach is based.
An FMEA analysis invariably identifies a number of possible causes of system failure that cannot be addressed by strategies that we conventionally think of as maintenance. It is for this reason that most texts suggest that the team performing FMEAs on equipment systems should be made up of representatives from multiple disciplines, not just equipment specialists.

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