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Benefits are quite a few but to mention some key ones.
1). Enables walking the entire process in detail which helps getting to know your process.
2). Enables identification of potential failure modes - what can go wrong.
3). Enables determination of causes of the failure modes.
4). Enables determination of countermeasures for eliminating the causes of the failure modes.
It is a proactive tool which is essential if you want to drive down defects from the process and identify deficiencies before they actually occur.
Another key point is FMEA is a live document which must always be referred to when executing practical problem solving. FMEA is a key six sigma tool that enables action planning based on risk.
