Risk assessment using interval vector cumulative failure rate

Abstract

Risk management is a process to identify, assess, and mitigate potential risks to the success of a project. Risks that are not handled appropriately can result in a catastrophe, such as the Space Shuttle Challenger explosion. In this study, a method of using interval vector of cumulative failure rates was developed to improve the categorisation of risks. The cause of the Challenger accident was explored and design failures explained. An illustrative example will be presented to demonstrate the use of newly developed method on the space shuttle solid rocket booster field joint.