FMECA is being used extensively in manufacturing sector for the assessment of risks. Risk assessment is mainly help in delivering quality product to the customer on-time. This would enhance the customer satisfaction. This would also improve the reputation of the company in front of the customer. FMECA would help in anticipating modes of failures and thus would make the machine available when required. Reliability of the machine tool is very significant and every effort must be made to make the machine up and running whenever its service is required. FMECA would help in improving the machine availability, which in turn is going to help in delivering quality product to the customer. The objective of the present research work to (i) study methods related to FMECA proposed by researchers (ii) understand advantages and limitations of various methods (iii) Identify the research gaps and provide directions for future research. The paper concludes that the researchers are required to explore performing risk analysis in other sectors, which were remain untouched, as well. Much work remains to be done in the Occupational health and safety associated risks.