FMEA stands for Failure Mode and Effect Analysis, a qualitative and highly structured technique that helps detect early failures or problems with services. A business analyst uses FMEA to detect potential issues and their adverse effects. FMEA should be performed when designing a new product or planning an enhancement to an existing product. There are the following steps to develop an FMEA: Assemble the FMEA cross-functional team Set Scope of FMEA Identify Failures and their effects Setting priorities Take corrective actions