Modern aircraft composite structures are designed using a damage tolerance philosophy. This design philosophy envisions sufficient strength and structural integrity of the aircraft to sustain major damage and to avoid catastrophic failure. The only reasonable way to treat on the same basis all the conditions and uncertainties participating in the design of damage tolerant composite aircraft structures is to use the probability-based approach. Therefore, the model has been developed to assess the probability of structural failure (POSF) and associated risk taking into account the random mechanical loads, random temperature-humidity conditions, conditions causing damages, as well as structural strength variations due to intrinsic strength scatter, manufacturing defects, operational damages, temperature-humidity conditions. The model enables engineers to establish the relationship between static/residual strength safety margins, production quality control requirements, in-service inspection resolution and criteria, and POSF. This make possible to estimate the cost associated with the mentioned factors and to use this cost as overall criterion. The methodology has been programmed into software.