Student Number : 9804484F MSc dissertation - School of Statistics and Acturial Science - Faculty of Science / This dissertation conducts a comprehensive and up to date review of measures of component and module importance within monotone systems, where it is assumed that components work independent of each other. The dissertation traces the development of these important measures from the initial definition of Birnbaum importance right through to the definition of Meng's criticality importance. Furthermore, the dissertation draws a distinction between time independent measures and time dependent measures (such as the Barlow-Proschan measures). The dissertation demonstrates how such measures may be implemented in analysing the importance of components within the monotone systems by evaluating these measures for a well known bridge structure example. This evaluation also reveals how each defined measure can be compared to each other. In conclusion, the dissertation describes how these measures can be extended to non-monotone systems or systems with dependent components.