What is a “failure mode and effects analysis” (FMEA)?

A “failure mode and effects analysis” (FMEA) is a structured approach to process evaluation that is aimed at identifying potential failure modes within a system and assessing their impact on outcomes. This proactive method involves systematically examining the ways in which a process might fail, ensuring that preventive measures can be established before problems occur.

FMEA is commonly used in various industries, including healthcare, where it helps teams uncover potential risks in processes related to patient care and safety. By identifying failure modes early on, organizations can implement improvements and enhance the quality of services, ultimately preventing adverse events and ensuring more reliable outcomes.

In contrast, evaluating financial risks focuses on economic factors rather than process improvement, retrospective analysis looks back at outcomes rather than predicting potential failures, and resource allocation involves distributing resources effectively without necessarily assessing process vulnerabilities. Therefore, the emphasis on a proactive evaluation of processes underscores why this choice is the most accurate representation of what FMEA entails.