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The factor of safety is can be selected based on the material. FS = Tensile strength / working strength. For a particular material the tensile strength is constant and the working strength depends on the application . So selecting the suitable material play a vital role in choosing factor of safety .Once the material is selected the FS depends.
1. Economic reason if you increase the factor of safety quantity of material increases and the cost increases.
2. Application - where light weight is an essential factor( example in aircraft parts) a high value of FS is not desirable.
oily area . unproper safety shows