Probabilistic Approach ( Simulation-Based Reliability Assessment Method ) Applied in Engineering Design and Economics (original) (raw)

Firstly, this paper reports about the probabilistic solutions of the problems in engineering design (i.e. applications in mining industry hard rock disintegration process, and applications in biomechanics & traumatology designing of the external fixators applied in traumatology and orthopaedics).Secondly,this paper reports about the new probabilistic application in economics (evaluation of an investment project). Theory and applications of the Simulation-Based Reliability Assessment (SBRA) Method (i.e.direct probabilistic Monte Carlo approach) are presented in the solutions and evaluations. Applications of the SBRA method in these areas of are new and innovative trends in mechanics and economics. Keywords—Probability, Simulation-Based Reliability Assessment (SBRA) Method, design, mining, rock mechanics, biomechanics, traumatology, economics, investment, net present value.