👉 Chances engineering, also known as probabilistic risk assessment, is a systematic approach used to evaluate the likelihood and potential impact of risks in complex systems, particularly in engineering and safety-critical applications. It involves quantifying uncertainties and probabilities associated with various failure modes or hazards to estimate the overall risk. By analyzing these probabilities, engineers can prioritize which risks require mitigation efforts and allocate resources efficiently to enhance system safety and reliability. Unlike deterministic methods that rely on single-point estimates, chances engineering provides a more comprehensive understanding of risk by considering a range of possible outcomes and their associated probabilities, thus enabling better-informed decision-making in design, operation, and maintenance phases.
