This webinar first describes the distinction between failure rate prediction and estimation methods in general. It then gives details about the procedures used to obtain generic failure rates for certain mechanical equipment using FMEDA predictions and OREDA estimations along with other methods used in industry today. The results of the two methods when applied to a number of specific equipment items are compared and, when differences in the results exist between the two methods, plausible explanations for differences are provided. Equipment examples include a representative of topside equipment items and representative subsea equipment items. The relative merits of each method are discussed along with comparisons to industry databases and field studies. Finally we will discuss what is a realistic failure rate for mechanical devices and what to do if you find yourself looking at unrealistic numbers.