Risk management is one of the most important fields that diagnose hazards and traces by the application of various tools available. In any mines or industries it is necessary to estimate and predict the risk associated with the components/equipment or machineries in order to avoid the loss/damage. One of the tools often used for assessing the risk is Failure Mode Effect and Criticality Analysis (FMECA) which addresses causes, effects and risk of each failure mode. Risk priority number(RPN) evaluates the risk associated with each failure mode, which is obtained by the multiple of severity, occurrence and detection rankings. It is very convenient to point out the failure mode with the highest risk if the values of RPN are different. However, it is very difficult to come to a decision if the entire failure modes have the identical values of RPN. This is the major drawback that was found during FMECA analysis. This paper proposes a new methodology to overcome the drawbacks that was found in traditional FMECA.