Risk and Uncertainty Reduction by Using Algebraic Inequalities

This book provides the reader with a domain-independent method for reducing risk through maximizing reliability, reducing epistemic uncertainty, reducing aleatory uncertainty, ranking the reliabilities of systems and processes, minimizing the risk of faulty assemblies, and ranking decision-making alternatives in the presence of deep uncertainty.

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This book covers the application of algebraic inequalities for reliability improvement and for uncertainty and risk reduction. It equips readers with powerful domain-independent methods for reducing risk based on algebraic inequalities and demonstrates the significant benefits derived from the application for risk and uncertainty reduction.

Algebraic inequalities:

• Provide a powerful reliability improvement, risk and uncertainty reduction method that transcends engineering and can be applied in various domains of human activity

• Present an effective tool for dealing with deep uncertainty related to key reliability-critical parameters of systems and processes

• Permit meaningful interpretations which link abstract inequalities with the real world

• Offer a tool for determining tight bounds for the variation of risk-critical parameters and complying the design with these bounds to avoid failure

• Allow optimising designs and processes by minimising the deviation of critical output parameters from their specified values and maximising their performance

This book is primarily for engineering professionals and academic researchers in virtually all existing engineering disciplines.