Definition
Failure Mode and Effects Analysis (FMEA) is a structured technique used to identify and prioritize potential failure modes (defects or errors) in a product, process, or system and their potential effects on performance, safety, or customer satisfaction. FMEA helps proactively mitigate risks by identifying root causes, assessing severity, occurrence, and detection, and implementing preventive or corrective actions to improve reliability, quality, and safety.
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Private Limited Company (Ltd)
A Private Limited Company (Ltd) is a type of company where the ownership is divided into shares held by a small number of shareholders. The liability of shareholders is limited to the amount unpaid on their shares, and the company’s shares cannot be traded publicly on the stock exchange.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a business structure where partners have limited personal liability for the debts and obligations of the partnership. Each partner’s liability is limited to their investment in the LLP, and they are protected from the actions of other partners.