Quantitative risk analysis of components under high stress

Lack of availability (reliability and maintainability) data is a key challenge during the design process of a new equipment or a production plant for a new location. Lack of data will also increase the uncertainty associated with design significantly. One solution is to use the collected historical data from similar equipment or results from high stress tests, such as Accelerated Life Test (ALT). However, the available studies mostly, focused on the estimation of the probability of failure of the component. The main purpose of this paper is to propose a framework for quantitative risk estimation for a components under high stress. In this paper, the ALT concepts is used to estimate the probability of the failure and associated consequences.