Failure Mode and Effect Analysis refers to a specific technique that represents an analytical procedure in which each and every singular potential and possible failure in each and every singular product component is reviewed and thoroughly analyzed in order to determine the ultimate effect of said failure on the overall reliability of the component by itself, or in conjunction with other possible modes of failure, on the overall reliability of the system or product in question, and on the ultimate effects on the functionality requirements of the product in question., It can also refer to the complete examination of the product to determine and itemize any and all potential ways in which a failure may take place For each potential failure, a formal estimate is derived to determine potential impact and in some cases the anticipated cost of both making up financially for said failure and also possibly the estimated costs in modifying the project to minimize the risks of this failure.

This term is defined in the 3rd and the 4th edition of the PMBOK.

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