Define failure mode and effects analysis (FMEA).

Failure Mode and Effects Analysis (FMEA) is indeed best defined as a systematic approach for evaluating processes and identifying potential failures. This method involves reviewing components, assemblies, and subsystems to identify any potential failure modes and their associated causes and effects. The primary purpose of FMEA is to anticipate possible issues in a process or product and implement measures to mitigate risks before they result in significant problems.

By systematically assessing potential failures, organizations can prioritize risks based on their severity, frequency, and detectability. This proactive stance is integral to effective risk management as it helps in improving reliability and safety in various industries, such as manufacturing, healthcare, and aerospace.

The other options relate to different concepts and do not capture the essence of FMEA. Teaching risk management is a broader category that does not specifically address the structured analysis aspect of FMEA. Marketing strategies focus on promoting products and services rather than identifying operational risks. Financial analysis techniques deal with evaluating financial metrics and do not pertain to the systematic evaluation of processes for potential failures. Thus, the correct choice underscores the analytical nature of FMEA in risk management.