This lecture covers the Failure Mode Analysis method, focusing on the development, application, and benefits of the AMDEC technique in risk analysis and management. It explains the historical background, the process of failure mode analysis, and the importance of identifying potential failures. The instructor discusses the different life phases of systems, the inductive nature of AMDEC, and its widespread use in various industries. The lecture also delves into failure mode analysis during design and development, emphasizing the search for potential and actual failures within a system.