Abstract
Most process modelling techniques exist without any firm theoretical foundation. This results in a lack of model validation, which can be in-terms of model consistency, feasibility and goal compliance. Moreover, these techniques are mostly deterministic in nature and not applicable to stochastic systems. In this paper, we propose an ontology-based stochastic process modelling framework that further provides a specialization to failure and reliability issues. The framework is notation independent, and is primarily rooted in Bunge's ontology. The well-established theory of reliability constructs are also mapped to facilitate the modelling of failure prone systems.