FMEA Tool

A risk management tool that stands for "Failures, Modes, and Effects Analysis". It's used to track all possible failures in a process, their potential impact and resulting effects, and a plan to mitigate them. It scores and prioritizes all possible failures modes to help mitigate potential risks.
Related StatStuff Video: 
   -Section 7-Improve Phase, Lesson #7 - Risk Assessment with a FMEA Tool