Abstract
Because of the many different operational requirements and varying environments, reliability means different things to different people. The generally accepted definition of reliability defines the reliability as the characteristic of an item expressed by the probability that it will perform a required function under stated conditions for a stated period of time. The term reliability is divided to two terms when dealing with the power systems. Those two terms are adequacy and security. The adequacyadequacy is related to the existence of sufficient generation of the electric power system to satisfy the consumer demand. The securitysecurity is related to the ability of the electric power system to respond to transients and disturbances that occur in the system. RiskRisk is a combination of a probability for an accident occurrence and resulting negative consequences. Risk is often reserved for random events with negative consequences to human life and environment.
There are two times in a man’s life when he should not speculate: when he can’t afford it, and when he can
Mark Twain
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Čepin, M. (2011). Definition of Reliability and Risk. In: Assessment of Power System Reliability. Springer, London. https://doi.org/10.1007/978-0-85729-688-7_3
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DOI: https://doi.org/10.1007/978-0-85729-688-7_3
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