Reliability and Risk: A Bayesian Perspective (Repost)

We all like to know how reliable and how risky certain situationsare, and our increasing reliance on technology has led to the needfor more precise assessments than ever before. Such precision hasresulted in efforts both to sharpen the notions of risk andreliability, and to quantify them. Quantification is required fornormative decision-making, especially decisions pertaining to oursafety and wellbeing. Increasingly in recent years Bayesian methodshave become key to such quantifications.
Reliability and Risk provides a comprehensive overview ofthe mathematical and statistical aspects of risk and reliabilityanalysis, from a Bayesian perspective. This book sets out to changethe way in which we think about reliability and survival analysisby casting them in the broader context of decision-making.This is achieved by:
- Providing a broad coverage of the diverse aspects ofreliability, including: multivariate failure models, dynamicreliability, event history analysis, non-parametric Bayes,competing risks, co-operative and competing systems, and signatureanalysis.
- Covering the essentials of Bayesian statistics andexchangeability, enabling readers who are unfamiliar with Bayesianinference to benefit from the book.
- Introducing the notion of “composite reliability”,or the collective reliability of a population of items.
- Discussing the relationship between notions of reliability andsurvival analysis and econometrics and financial risk.
Reliability and Risk can most profitably be used bypractitioners and research workers in reliability and survivabilityas a source of information, reference, and open problems. It canalso form the basis of a graduate level course in reliability andrisk analysis for students in statistics, biostatistics,engineering (industrial, nuclear, systems), operations research,and other mathematically oriented scientists, wherein theinstructor could supplement the material with examples andproblems.