Chug,
I need to correct part of what I wrote. It is the sequence of events that create the "chain" and not the event that creates the chain. You are entirely correct when you reference the source of that concept....having been both trainee and trainer at FSI, I am firmly convinced that is a valid concept for arriving at a listing of contributing factors for any accident or incident.
The key to its proper use however demands an open mind willing to objectively identify and assess the causes and then seek a determination of the effect each "link" in the chain had with a view to putting a priority to corrective actions to be undertaken as a preventive measure for future events.