Advanced approaches to failure mode and effect analysis (FMEA) applications

The present paper explores advanced approaches to the FMEA method (Failure Mode and Effect Analysis) which take into account the costs associated with occurrence of failures during the manufacture of a product. Different approaches are demonstrated using an example FMEA application to production of drawn wire. Their purpose is to determine risk levels, while taking account of the above-mentioned costs. Finally, the resulting priority levels are compared for developing actions mitigating the risks