We present a reliability analysis of a precision drilling process used in the manufacturing of aircraft structural components. After a brief introduction to the precision drilling manufacturing process, a reliability analysis is executed through the application of the FMEA technique, defining the process main failures and their consequences to the manufactured part. The statistical process control capability indices are proposed as estimates of the process failure rate. To evaluate the process failure rate and capability an experimental study is developed with test specimens. Based on the test results, the drilling procedure for aluminum is accepted and the procedure for titanium is rejected