The finite element analysis procedure used to model the sheet metal forming process is further developed by incorporating a refined numerical procedure and an improved metal-tool friction analysis method. The shell-type model is capable of closely approximating the strain distribution of prescribed axisymmetric parts. Further refinements on the numerical procedure have resulted in the marked decrease of the time required to reach a convergence of solutions. At the same time, frictional conditions at the metal-die and metal-punch interfaces have been closely characterized by applying equilibrium conditions in an iterative manner. Effects of these improved procedures have been examined in detail by making a systematic sensitivity analysis and by comparing the analytical results against experimental data. Based on these results, a critical assessment of the simplified analysis method is made.