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Reliability engineering is a sub-discipline of systems engineering that emphasizes dependability in the lifecycle management of a product. Dependability, or reliability, describes the ability of a system or component to function under stated conditions for a specified period of time. Reliability is closely related to availability, which is typically described as the ability of a component or system to function at a specified moment or interval of time.

Reliability is theoretically defined as the probability of success as the frequency of failures; or in terms of availability, as a probability derived from reliability, testability and maintainability. Testability, maintainability and maintenance are often defined as a part of "reliability engineering" in reliability programs. Reliability plays a key role in the cost-effectiveness of systems.

Reliability engineering deals with the estimation, prevention and management of high levels of "lifetime" engineering uncertainty and risks of failure. Although stochastic parameters define and affect reliability, reliability is not (solely) achieved by mathematics and statistics. One cannot really find a root cause (needed to effectively prevent failures) by only looking at statistics. "Nearly all teaching and literature on the subject emphasize these aspects, and ignore the reality that the ranges of uncertainty involved largely invalidate quantitative methods for prediction and measurement." For example, it is easy to represent "probability of failure" as a symbol or value in an equation, but it is almost impossible to predict its true magnitude in practice, which is massively multivariate, so having the equation for reliability does not begin to equal having an accurate predictive measurement of reliability.

Reliability engineering relates closely to safety engineering and to system safety, in that they use common methods for their analysis and may require input from each other. Reliability engineering focuses on costs of failure caused by system downtime, cost of spares, repair equipment, personnel, and cost of warranty claims. Safety engineering normally focuses more on preserving life and nature than on cost, and therefore deals only with particularly dangerous system-failure modes. High reliability (safety factor) levels also result from good engineering and from attention to detail, and almost never from only reactive failure management (using reliability accounting and statistics).

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