Failure mode and effects analysis (FMEA) is a widely used technique to assess or to improve reliability of products or processes at early stage of development. Traditionally, the prioritization of failures for corrective actions is performed by evaluating risk priority numbers (RPN). In practice, due to insufficient evaluation criteria specific to related products and processes, RPN is not always evaluated properly. This paper reestablishes an effective methodology for prioritization of failure modes in FMEA procedure. Revised evaluation criteria of RPN are devised and a refined FMEA sheet is introduced. To verify the proposed methodology, it is applied to inspection processes of PCB products.