This research work seeks to propose qualitative and quantitative approaches based integrated framework for studying the behavior of a real industrial system. Under quantitative analysis, the series/parallel arrangement of the considered system is represented by Petri-Net approach. Various reliability parameters of the system were computed at different spread and the system failure behavior is studied under uncertainty. Further, for improving system’s availability, qualitative analysis has been done using root cause analysis (RCA) approach and the failure causes listed under RCA approach were used to carry system’s failure mode effect analysis (FMEA). The limitations of FMEA in risk ranking were nullified by using fuzzy FMEA and grey relation analysis approaches and the raking results so obtained were compared with FMEA approach based results. The comparison of ranking results would be of high importance for the analyst in deciding the critical/risky component of the considered system with high accuracy. The analysis results were further shared with the maintenance manager of the plant for planning and implementing a suitable maintenance policy accordingly. The planned maintenance policy will help in improving the plant’s availability and profitability. The proposed framework has been implemented to carry out the quantitative and qualitative behavioral analysis of a coal handling system in a coal fired thermal power plant located in North India.