Tag: Risk

Release Assessment

Release Assessment

Release Assessment

08/27/19

“How can we analyze the probability of a risk factor breaking out?”

Risk is one of the most important components in infrastructure projects, whether it be related to the structural integrity of a bridge or the temperature levels of a nuclear power plant. If something goes wrong, it could end up costing billions of dollars. So how can we analyze and quantify the release of such events. Well, we can perform something called a Release Assessment, which integrates every possible factor that could lead to failure.

Reliability Function

Reliability Function

Reliability Function

08/26/19

“How can we model how long something is expected to survive?”


One of the most fundamental laws of physics is that the total amount of entropy can only increase. Consequently, everything in the physical domain will wear out over time and eventually no longer function. Since the survival of many projects and people are responsibilities of many engineers and medical practitioners, these professions are interested in how long things are expected to last. This can be accomplished using a Reliability Function, (also known as a survival function in medicine), which models the statistical lifetime of an object of interest as a cumulative distribution function. These can play out in any number of ways, but the starting point must always be equal to 100% and the endpoint zero.

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