Fault tree analysis is a systematic, deductive and probabilistic risk assessment tool which elucidates the causal relations leading to a given undesired event. Quantitative fault tree (failure) analysis requires a fault tree and failure data of basic events. Development of a fault tree and subsequent analysis require a great deal of expertise, which may not be available all the time. Computer-aided fault tree analysis is an easy-to-use approach, which not only provides reliable results but also facilitates the validation and repeatability of the analysis. This enhances the overall results of the fault tree analysis and quantitative risk analysis. This paper presents a revised methodology for computer-aided fault tree analysis. The methodology includes fault tree development, minimal cutsets determination, cutsets optimization and probability analysis. The methodology uses advanced concepts of fault tree development and static and dynamic modularizing for complex and large fault trees. Furthermore, it enables sensitivity analysis of the system for design modification and risk-based decision making. Application of the proposed methodology to a process system is also discussed in the paper.