Economic Efficiency of FMEA Risk Analysis

Abstract: The economic efficiency of technical risk analysis is evaluated for the example of FMEA (failure mode and effects analysis). One of the models employed is based on assessment of the relations between the losses due to unsatisfactory FMEA application (in terms of the method and the causes of failure, which may be associated with the design, the materials, or the production process) and the cost of FEMA use; the other assesses the accuracy of cost planning. The basic expenses are listed; and their distribution over the types of failure is noted in the case of corrective measures. The list of planned FMEA expenses is also broken down into stages. © 2022, Allerton Press, Inc.