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The slack time in real-time systems can be used by recovery schemes to increase system reliability as well as by frequency and voltage scaling techniques to save energy. Moreover, the rate of transient faults (i.e., soft errors caused, for example, by cosmic ray radiations) also depends on system operating frequency and supply voltage. Thus, there is an interesting trade-off between system reliability and energy consumption. This work first investigates the effects of frequency and voltage scaling on the fault rate and proposes two fault rate models based on previously published data. Then, the effects of energy management on reliability are studied. Our analysis results show that, energy management through frequency and voltage scaling could dramatically reduce system reliability, and ignoring the effects of energy management on the fault rate is too optimistic and may lead to unsatisfied system reliability.