With advances in technology and the growing complexity of technological systems, the job of the reliability/system analyst has become more challenging as they have to study, characterize, measure and analyze the behavior of systems with the help of various traditional analytical (mathematical and statistical) techniques, which require knowledge of the precise numerical probabilities and component functional dependencies, information which is difficult to obtain. Even if data are available they are often inaccurate and are thus subject to uncertainty, i.e. historical records can only represent the past behavior and may be unable to predict the future behavior of the equipment. To cope with such situations, the knowledge-based approximate reasoning methodologies (KBARMs) provide necessary help. Among them, the fuzzy and grey methodologies are the most viable and effective tools for coping with imprecise, uncertain and subjective information in a consistent and logical manner. In this paper, the authors present a methodological and structured approach (which makes use of both qualitative and quantitative techniques) to model, analyze and predict the failure behavior of two units, namely the forming and press units of a paper machine, using KBARMs. Various system parameters such as repair time, failure rate, mean time between failures, availability and expected number of failures are computed to quantify the system behavior in terms of fuzzy, crisp and defuzzified values. Furthermore, a risk ranking approach based on fuzzy and grey relational analysis is discussed to prioritize various failure causes associated with the components in failure mode and effects analysis (FMEA).. He has 26 years of research/teaching and industrial experience and has written over 130 papers that haven been published in international and national journals and conferences. He has guided a number of students for their undergraduate projects, masters dissertations and PhD degrees. His fields of interests are system behavior in industry, maintenance engineering and reliability analysis.Pradeep Kumar has more than 21 years of experience in teaching, research, consultancy and industry at IIT Roorkee, NIT, Kurukshetra, West Virginia University, Wayne State University, SAIL and DRF Industries. He has taught a wide spectrum of courses related to industrial engineering and production engineering. He has guided 10 PhD theses with five more PhD theses in progress, 45 MTech dissertations, 30 MTech projects and 40 BTech projects. He has published/presented more than 226 research papers in international and national journals and in the proceedings of international and national conferences. He has handled eight major consultancy projects for various organizations and six sponsored research projects in India. His research interests include industrial engineering, quality engineering, robust design methodologies, reliability engineering, project management, production and operations management, Total Quality Management (TQM), supply chain management, multic...