Different risk analysis methods like FMECA,FMEA includes (FMEA – PFMEA, Design FMEA – DFMEA), Root Cause Analysis (RCA),RCM (Reliability Centered Maintenance), and Risk and control self assessment (RCSA).
For example: FMEA Failure mode and effects analysis.
Benefits:
– FMEA is a procedure for determining where processes, products or designs are most likely to fail and why.
FMEA is a highly effective way to evaluate products. FMEA enables early identification of single failure
points and system interface problems that can impact safety.
– Identification of critical areas of the system (Root Cause Analysis).
– Basis for ISO 26262
– Using the FMEA method, an RPN (Risk Priority Number) is calculated by multiplying the three categories of Severity, Occurrence and Detection. Each one assigned a value between 1 and 10, where 10 is high.

Disadvantages:
– Failure and reliability rates are particularly difficult to estimate when human performance is involved; which could be considred as the major disadvantage.
– Severity and occurrence ratings are often difficult for individuals or teams to estimate. Much time can be spent in discussion.
For successful risk management, FMEA should be regularly updated as new potential failure modes are identified and corresponding control plans are developed.