Failure Mode & Effect Analysis (FMEA) is another inductive risk assessment method, the principle purpose of which is the consequences of component failure.
The main disadvantage is that it deals with the components of work equipment and does not take into consideration the operator/machine interaction.
FMEA is most probably, best suited to small sectors of installations and used in conjunction with the “what-if” method, particularly in relation to the safety of control systems , can be extremely advantageous when determining the category of safety required.
Since it is component or equipment orientated then a certain amount of the manufacturers information or test results are required, i.e. the probability of failure normally assessed through the results of cyclic testing.
The process is time consuming and somewhat subjective, in that it requires a limited assessor group and can be carried out by individuals, however, as previously mentioned it is ideal for compliance with categorisation under EN 954-1.