As an engineer, basically the process is the following steps:
1. Draw out your system or product in a force diagram, here you make assumptions on where the force is applied and how it cascades through the system.
2. Figure out what the forces are through out the system, this can be done by hand but software is mainly used FEA is the tool( finite element analysis)
3. Take you force results, typically this is stress strain values to find your weak point.
4 adjust your design/ material until it shows that it can withstand the forces applied.
5. Apply the Safty factors and readjust your design. And then boom your done!
For life time of a product you can look at S-N curves that can give predictions on life time vs cycles.
That’s basically it though.
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