There are so many techniques (from qualitative to quantitative aproaches, from previsional to operational approaches) that there is no "best" technique : this stongly depends of what you want to do and what field feedback is available. This ranges from simple FMECA/HAZOP@ to stochastic Petri nets and includes Markovian and Boolean approacches (Reliability Block diagrams, Fault trees , event trees).

You could have look to my book "Reliability assessmentof safety and production systems". It provides a comprehensive description of the relevant techniques for dependability (Reliability, Availability, maintenability, safety, ...) analyses and calculations.

Perhaps you may have e free access through a subscription of your company/university. Book Reliability Assessment of Safety and Production Systems: Ana...

Deva Siva Sai Murari Kanumoori; There are several advanced appraocjes depending on your products and unit of analysis for those elements, like FTA, FMEA, Weibull Analysis, Markov Analysis, Bayesian Reliability Analysis, and Monte Carlo Simulation. Some are time constraints, like times series, and some are not.

There are some very good suggestions here! I would only add that they are ALL "Statistics" - so be wary of how you use them! None of the results actually apply to any individual instance. Practically, the value of any failure prediction is intervention well BEFORE such an incident occurs. Thus, the best products will have the sharpest "peaks" for the distribution curve of the event. Calculations can't make anyone 'safe'. They can only help them to avoid major problems.

Thank you for all the insightful answers. I will keep your suggestions in mind proceed with the analysis. Jean-Pierre Signoret Anthony Bagherian Steven Cooke