Every product or process has modes of failure. The effects represent the impact of the failures. An FMEA is a tool to:
- Identify the relative risks designed into a product or process.
- Initiate action to reduce those risks with the highest potential impact.
- Track the results of the action plan in terms of risk reduction.
FMEAs help us focus on and understand the impact of potential process or product risks. A systematic methodology is used to rate the risks relative to each other.