The goal of using failure analysis as a management tool is to reach a point where you repair before failure. The cost savings when you do are immeasurable.
Failure analysis is a well-thought out act of asking questions and gathering facts related to a component or part failure with the primary objective of determining the “root cause” of the failure and the corrective action needed to prevent future or repeat failures. Failures occur when a system, component or a part of in a system fails to perform up to the expectations for which it was created. Failures can be due to improper extended service hours, incorrect maintenance practices, incorrect adjustment or assembly, improper operation, incorrect design, or problems created when the part was manufactured.