Failure Modes and Effects Analysis (FMEA) is systematic method of identifying all ways that an asset could possibly fail, discovering the causes of those failures, and evaluating the risk that each failure poses to the organization.
“Failure modes” are the ways (modes) in which an asset might fail. In general, failures modes are related to premature or intermittent operations, complete loss of function, reduced performance, and performance of an unintended function.
“Effect analysis” is the study of the consequences of failures and their relative impact on the business, in order to identify what changes are needed to prevent the failure from occurring.
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