In FMEA, occurrence and detectability are not related to only failure modes itself but also their causes. It is assumed that any failure occurs after at least one cause corresponding to failure occurs in advance. Occurrence of the failure mode is described by occurrence time of its cause and elapsed time to the actual failure. Under the periodic monitoring plan, the monitoring interval is another factor to determine the detectability and occurrence of each failure mode. When a failure cause occurs, the failure does not occur if the cause is identified and remedied before it actually occurs. Under this situation, we construct an economic model for prioritizing failure modes. The loss function is based on the unfulfilled mission period. We also provide an optimal monitoring plan with an illustrative example.