FMEA is an engineering "reliability tool" that:
Helps to define, identify, prioritize, and eliminate known and/or potential failures of the system, design, or manufacturing process before they reach the customer, with the goal of eliminating the failure modes or reducing their risks
Provides structure for a cross-functional critique of a design or a process
Facilitates inter-departmental dialog (It is much more than a design review.)
Is a mental discipline "great" engineering teams go through, when critiquing what might go wrong with the product or process
Is a living document that reflects the latest product and process actions
Ultimately helps prevent and not react to problems
Identifies potential product- or process- related failure modes before they happen
Determines the effect and severity of these failure modes
Identifies the causes and probability of occurrence of the failure modes
Identifies the controls and their effectiveness
Quantifies and prioritizes the risks associated with the failure modes
Develops and documents action plans that will occur to reduce risk