Failure Modes and Effects Analysis (FMEA) and Failure Modes, Effects and Criticality Analysis (FMECA)

Inductive reasoning approach that evaluates how the equipment can fail and the effect that these failures have on process or system performance, and ensures that appropriate safeguards against the failure(s) are in place. FMECA is an FMEA that assesses the criticality of the failure modes and resulting effects using qualitative, semi-quantitative, or quantitative risk measures.
Reference: CCPS: guidelines for mechanical integrity systems
Semi-quantitative method for hazard assessment. It consists on applying a criticality index to the events studied in a FMEA.
Reference: Geoff Wells, 1996, HAZARD Identification and risk assessment.
Technical Tools/Mechanical Integrity/Risk Management Tools