What is a systemic method for analyzing faults in equipment known as?

Fault Tree Analysis is a systematic, graphical approach used to analyze the various pathways within a system that can lead to a particular fault or failure. This method utilizes symbolic representation to visually break down the causes of faults into their basic components, allowing engineers and technicians to trace back through the system's interactions and identify underlying issues.

The strength of Fault Tree Analysis lies in its ability to support decision-making processes regarding equipment reliability and maintenance by thoroughly examining how different components contribute to overall system performance. It aids in prioritizing risks and designing strategies to mitigate potential failures. This contrasts sharply with approaches like performance benchmarking, which focuses on comparing performance metrics against standards, or operational auditing, which reviews compliance and operational effectiveness. Risk assessment plans are broader and encompass various risks, not specifically centered on fault analysis as Fault Tree Analysis is. Therefore, the precise nature of Fault Tree Analysis as a structured method for identifying and analyzing equipment faults makes it the correct choice in this context.