Failure analysis is a significant part of risk management. It is increasingly popular among industrial processes and management operations. Whether it is related to return on investment or installation of new equipment on an industrial floor, data analysis and factor assessment related to a failure lead to a solid foundation for the future. In this way, management can stay properly updated regarding the factors and future risks to reduce the probability of failure.
Reasons for Conducting Failure Analysis
The prime reasons for performing a failure analysis are as mentioned below.