A device of implementing an econometrics-based control system. The device includes a processor, a memory in communication with the processor and configured to store processor implementable instructions. The processor implementable instructions are programmed to correlate a plurality of system requirements with each of a plurality of system stakeholders, identify a stake relating to each of the plurality of system stakeholders and the correlated plurality of system requirements such that the stake is identified by each of the plurality of system stakeholders, determining a mean failure cost as a function of the identified stake and a failure probability, and analyzing the mean failure cost to determine a control strategy. The device may further comprise a communication component in communication with the processor and the memory, the communication component configured to communicate the control strategy to a component operable within the control system such that the component implements the control strategy.
STATEMENT REGARDING FEDERALLY SPONSORED RESEARCH OF DEVELOPMENT
 This invention was made with government support under Contract No. DE-AC05-00OR22725 awarded by the U.S. Department of Energy. The government has certain rights in the invention.