Is it possible to approach FMEA scientifically and develop a precise and rigorous conceptual model that can serve as a solid, formal basis for developing operational procedures for equally precise and rigorous FMEA?This professional book proposes such a conceptual model and brings it to life with nine objects, properties, and interactions. The procedures based on the model (design and process FMEA) and their logical composition are presented in an easy-to-understand manner. Finally, a mathematical model for the objective evaluation of the risk parameters “occurrence” and “detection” is presented, based on specifically formulated vector indicators instead of the classic evaluation tables. The entire presentation is supported by the FMEA software APIS-IQ.