On the use of analytical inequalities for improving reliability and reducing risk

Michael Todorov Todinov

International Journal of Risk Assessment and Management, 2023, vol. 26, issue 1, 1-16

Abstract: The paper demonstrates a new domain-independent method for improving reliability and reducing risk including two fundamental approaches: the forward approach, based on deriving algebraic inequalities from real systems and processes; and the inverse approach, based on deriving new knowledge by meaningful interpretation of existing correct algebraic inequalities. The forward approach has been used to prove the domain-independent principle of the well-ordered systems which are characterised by the smallest possible risk of failure. The inverse approach has been used to generate new knowledge related to the relationship of the equivalent elastic constants of elements arranged in series and parallel and the upper and lower bounds of the percentage of faulty components in pooled batches of components with unknown sizes.

Keywords: analytical inequality; meaningful interpretation; forward approach; inverse approach; principle of non-contradiction; reliability; risk; reliability improvement; risk reduction. (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijrami:v:26:y:2023:i:1:p:1-16

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