What is "Failure Mode and Effects Analysis" (FMEA) used for?

Failure Mode and Effects Analysis (FMEA) is a systematic technique used for identifying and prioritizing potential failure modes in a product or process. Its primary purpose is to assess the impact of those failures on performance and to prioritize maintenance and corrective actions based on the severity, occurrence, and detectability of the failures.

The correct answer focuses on the proactive approach of FMEA, which allows teams to determine which potential failures could cause the most significant risk to operations or safety. By evaluating the consequences of those failures, organizations can effectively allocate resources and efforts to the most critical failures, improving reliability and safety in their operations. This prioritization is crucial in maintenance programs, as it helps in addressing the most pressing issues before they lead to downtime or accidents.

In contrast, the other choices do not align with the primary purpose of FMEA. Evaluating project management effectiveness deals more with processes and methodologies in managing projects, comparing operational efficiency involves assessing performance metrics across systems rather than focusing on failure modes, and calculating lifecycle costs pertains to financial analysis rather than risk assessment of failure modes.