What is the primary purpose of Failure Modes and Effects Analysis (FMEA)?

The primary purpose of Failure Modes and Effects Analysis (FMEA) is to identify potential failures and assess their impact on process performance. By systematically analyzing each phase of a process or product design, FMEA allows teams to foresee failure modes before they occur and understand how these failures could affect overall performance, safety, and customer satisfaction. This proactive approach not only helps in minimizing risks but also in prioritizing areas for improvement, thereby enhancing the reliability and efficiency of processes and products.

The other options focus on different aspects that, while valuable, do not represent the core objective of FMEA. For example, enhancing financial budgets relates more to financial planning rather than risk management. Improving team communication, while beneficial for any project, does not capture the essence of FMEA's analytical focus on failures. Tracking customer feedback is important for understanding customer experiences but does not address the systematic identification and analysis of potential failures in processes or products.