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An important challenge facing automotive Original Equipment Manufacturer's (OEMs) is to bring a product to the consumer that meets the Voice Of the Customer (VOC) with high reliability. Although not an explicitly stated requirement, the desire for highly reliable products is an implicit want of most, if not all customers. The specific challenge to an OEM is to develop products with high reliability under shortened design cycles, cost reduction initiatives, and pressures to produce products with focus market appeal. This paper evaluates the current situation, use, and overall effectiveness of Failure Modes & Effects Analysis (FMEA) and its role in improving the reliability of automotive products. The need for a semi-formal or formal methodology for identifying product failure modes is developed.