Stress Analysis of Powder Metal Parts

This depends on the PM material and the objectives of the analysis.
PM technology is capable of making parts with density close to the fully dense condition (>99%). As such the parts can be analysed in the same way as any other parts. You will need the appropriate failure criteria etc.
Some PM parts are made with much lower densities; this may be for economic reason, to reduce weight, to act as a filter, to enhance lubrication etc. These types of parts should be treated with more care. This does not mean that they cannot be analysed as homogenous material, just that you may need to justify what you are doing.

TERRY