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Reliability is a key feature in engineering systems and might be improved by using preventive methods, which allows for identification potential failures and establishing cause-and-effect relationships in consistent and systematic way. One of the popular quality improvement method is FMEA (Failure Modes and Effects Analysis). An application of matrix FMEA analysis method on example of flow control valve has been presented and discussed in the work. Presented example shows also a different ways of evaluating failures and theirs influence on analysis results.