This book is on the fundamentals of failure mode and effects analysis (FMEA) methodology, challenges, and applications. It also discussed different types of FMEA such as Dynamic FMEA (DFMEA), Functional FMEA (FFMEA), and the Failure Mode Effects and Criticality Analysis (FMECA). Also discussed are the numerous applications of these types of FMEA. It discussed various industrial applications of FMEA in the form of case studies. The book also discussed the future trends in FMEA and real-world applications. AI and ML applications and limitations together with FMEA integration with other quality tools were explained in the book. This book is part of the series on Risk Analysis.