Singpurwalla, Nozer

We all like to know how reliable and how risky certain situations are, and our increasing reliance on technology has led to the need for more precise assessments than ever before. Such precision has resulted in efforts both to sharpen the notions of risk and reliability, and to quantify them. Quantification is required for normative decision-making, especially decisions pertaining to our safety and wellbeing. Increasingly in recent years, particularly with the introduction of MCMC, Bayesian methods have become key to such quantifications.

Reliability and Risk provides a comprehensive overv...