10. The system according to claim 8 further comprising a first interactive user interface, the first interactive user interface facilitating selection of the one or more parameters and corresponding instances.
8. A system for root cause analysis of failure of a manufactured product, the system comprising: a. a knowledge model comprising a network of entities related to field of failure and manufacturing attributes of the manufactured product and interconnected in a cause-effect relationship, each entity comprising an instance of a parameter that is related to one of the field of failure and manufacturing attributes; b. a conversion module, the conversion module 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. a parameter-instance selection module, the parameter-instance selection module selecting a one or more parameters and corresponding instances from a set of failure reports; d. an inference generating module, the inference module configured for i. mapping the one or more parameters and corresponding instances as a set of evidence to the Bayesian network; and ii. determining a root cause of failure along with a corresponding conditional probability based on the set of evidence; and e. a first data processing module, the first data processing module processing at least one of structured data and unstructured data in a plurality of failure reports to generate a set of field failure attributes of the manufactured product, wherein the first data processing module comprises: i. a data preparation module, the data preparation module for cleansing and transforming the unstructured data based on a predefined criterion; ii. a text-classification module, the text-classification module for associating one or more parts of the unstructured data with a set of named entities; and iii. a text-tagging and annotation module, the text-tagging and annotation module for semantic parsing of the unstructured data into annotated structured data based on a set of extraction rules and a set of extraction directories.