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This paper proposes methodologies for modeling and assessment of equipment and industrial processes susceptibility to voltage sags and short interruptions. Voltage sag severity indices are proposed that translate physical disturbance events into expected equipment behavior, allowing fast identification of possible process failure. Based on these indices, probabilistic and fuzzy-based methodologies are developed to provide realistic equipment representation and to incorporate flexibility for customized process modeling. Extensive simulations showed that the proposed models and methodologies yield greater accuracy in assessments compared to conventional approaches.