FMEA
Failure modes and effects analysis (FMEA) is a Risk Management tool that was first used in the 1940s by the U.S. military.
Failure modes and effects analysis (FMEA) is a step-by-step approach for identifying all possible failures in a design, a manufacturing or assembly process, a business process, a project or a product or service.
Failure modes means the ways, or modes, in which something might fail.
Effects analysis refers to studying the consequences of those failures.