The seminar on Failure Mode and Effect Analysis (FMEA) covers the identification and prioritization of potential product/process failures to reduce associated risks. FMEA, first utilized in the 1960s, has evolved into several types including Design and Process FMEA, offering benefits such as improved quality and customer satisfaction. The process involves a structured team approach to brainstorm failure modes, assign severity and detection rankings, and develop action plans to mitigate risks.