The Failure Modes and Effects Analysis (FMEA) is a versatile risk management tool that has been around for several decades, first used by the US Armed Forces in 1949. It started gaining popularity in the 1960’s with its use in the aerospace industry during the Apollo missions. FMEA has been called the “swiss army knife” of risk management. FMEA is focused on problem prevention, rather than problem solving. It is used to identify the factors that can lead to failure and recommend mitigation strategies to prevent failures or detect the early onset of failures.