Risk assessment is a critical part of every engineer’s role, whether it is simply to determine the likelihood of failure of a new product within the warranty period, or the potential cost, human and financial, of the catastrophic failure of a bridge. This book helps the reader to understand the tradeoffs between time, costs and risk in an engineering setting, and includes a wide range of case studies and worked examples. It introduces the basic theory and covers all of the most widely used mathematical techniques likely to be encountered in real engineering projects. Equally valuable for graduate students, practising engineers, designers and project managers.