A systematic approach for conducting an Failure Modes and Effects Analysis (FMEA) starts with identifying the steps in a given process. Once that is done, the improvement team analyzes the plausible risks and their subsequent effects on the process. Evaluating the severity of the damage is also crucial, to judge the effects on the stakeholders.
When the risk is known, the causes leading up to the risk, and their frequency is gauged. Failure Modes and Effects Analysis (FMEA) judges the current risk analysis tools employed by the company and then calculates a Risk Priority Number (RPN). For the risks with a high RPN, control plans are formulated which are then checked from time to time to re-evaluate the system’s efficiency.
Thus, Failure Modes and Effects Analysis (FMEA) studies the overall system, its historical performance, critical processes, damage control mechanisms, and provides an educated solution to make the process free from risks.