I am into testing for about a year. In a recent interview i was asked this question "Describe to me when you would consider employing a failure mode and effect analysis."....what is failure mode and effect analysis? Is there any sort of document for maintaining the effect analysis ?
FMEA is a kind of risk analysis technique: you check what kind of failures can occur, then you check what the effects are.
Depending on the effect (eg. high or low financial impact), you can prioritize the failures.
The most important failures are the ones that should be covered as soon as possible by your tests.