What does "failure mode and effects analysis" (FMEA) aim to achieve?

The aim of failure mode and effects analysis (FMEA) is to identify potential failure points in a process and assess the risks associated with those failures. This systematic approach helps organizations to proactively identify areas where failures could occur and determine their potential impact on the overall process or system. By doing so, FMEA enables teams to implement controls and mitigative strategies before these failures happen, thereby enhancing the overall safety and quality of processes.

In contrast, focusing only on past failures to enhance future performance does not encompass the proactive nature of FMEA, as it is designed to anticipate future failures rather than just learn from the past. Validation of successful procedures is also unrelated to the objective of FMEA, which concentrates on potential risks rather than affirming existing successes. Lastly, while financial losses in healthcare systems can be a consequence of failures, FMEA's primary focus is on identifying and mitigating risks to prevent failures, rather than directly targeting financial implications. Thus, the correct understanding of FMEA emphasizes risk identification and mitigation, aligning perfectly with the initial option.