1. A method for root cause analysis of failure of a manufactured product, the method comprising the steps of: a. developing a knowledge model, the knowledge model being an ontology comprising information related to a set of field failure attributes and a set of manufacturing attributes of the manufactured product; b. converting the knowledge model into a Bayesian network, the Bayesian network comprising one or more nodes, each node representing an entity of the knowledge model along with a corresponding conditional probability of occurrence of the entity; c. selecting one or more parameters and corresponding instances from a set of failure reports d. mapping the one or more parameters and corresponding instances as a set of evidence to the Bayesian network; and e. determining a root cause of failure along with a corresponding conditional probability based on the set of evidence.