Most of mechanical structures are composed of many substructures connected to one another by various types of mechanical joints with various shapes of cutouts. It is important to study these connected structures under dynamic forces for evaluation of stress concentration. In this paper, a FQI(fatigue quality index) analysis using the concept of SF(severity factor) is performed to various shape of elliptical hole. The SF is affected by the location of cutout in plate and radius ratio, static SF is analyzed with finite element analysis and the equation of FQI for predicting a dynamic SF is formed.