Purpose: To ensure good quality munitions, we require quantitative risk management and optimal risk management of system characteristics. Methods: Failure mode and effects analysis (FMEA) is a widely used technique to assess or to improve reliability of products at early stage of design and development. Traditionally, the prioritization of failures for corrective actions is performed by developing a risk priority number (RPN). Results: This paper reestablishes an effective methodology for prioritization of failure modes in FMEA procedure. Revised evaluation criteria of RPN are devised. Conclusion: To verify the proposed methodology, it is applied to RPN evaluation for K21 infantry combat vehicle.