Reliability based models to support risk management decision making

The chapter has been intended to provide a comprehensive understanding on one class of reliability models used to perform probabilistic risk assessments. This is the class of binary-based conceptual models. This class of models allows assessing events occurrence, system states identification, states transitions and corresponding relevant probabilistic dynamic quantities. Besides, it allows the binarization of multistate systems so that ever bigger systems can be modelled, under conditions. The term “system” is used in its widest sense to include physical engineering systems, processes, and any structured set of actions/events. Consequently, the modelling capabilities cover sequential events and cycling transitions. The move from “risk management decision-making” to “risk-informed decision-making” paradigm has obviously created the right environment to develop and implement risk-based decision-making models in a variety of sectors. A brief and short non-exhaustive survey is presented identifying sectors using these models to assess risks in support to decision-making.