8. Risk and Reliability

Attribution

This chapter is written by Patricia Mares Nasarre, Max Ramgraber and Oswaldo Morales Napoles. Find out more here.

The use of the words risk and reliability is very common in engineering practice. In this chapter, we will discuss these concepts focussing mostly on some of the most basic tools we have to perform risk and reliability analyses. These tools are naturally mathematical and make use of many of the concepts discussed all along in the MUDE. We will focus on the application of probability theory to quantify risks and reliability.