The Failure Mode and Effect Analysis (FMEA) is often used to improve a system's reliability. This paper proposes a new approach that aims to overcome the most critical defects of the traditional FMEA. This new methodology combines the Entropy and Bwm methodology with the EDas and System Dynamics, FMECA: The EN-B-ED Dynamic FMECA. The main innovation’s point of the proposed work is the presence of an unknown factor (Cost) in order to take into consideration the economic aspect; the evaluation of the four-factor through both an objective method (Entropy method) and a subjective method (BWM); the ranking method used (EDAS method), much more accurate than RPN; the development of a dynamic criticality analysis to take in consideration the dynamic aspect of the system. This work aims to give manufacturing companies an easy and replicable method to analyze the possible failure modes and prevent the fault.