This article provides a schematic illustration of factors that should be considered in component design. It discusses the effect of component geometry on the behavior of materials and groups the main parameters that affect the value of the factor of safety. The article illustrates the estimation of probability of failure with an example. It reviews the designing and selection of materials for static strength and stiffness. The article also describes the causes of failure of engineering components, including design deficiencies, poor selection of materials, and manufacturing defects.