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Fluid flow in a circular pipe and a slider bearing was computationally simulated by finite element methods and probabilistically evaluated in view of the several uncertainties in the performance parameters. Cumulative distribution functions and sensitivity factors were computed for the flow rate and load bearing capacity of the slider bearing due to the several random variables. These results can be used to quickly identify the most critical design variables in order to optimize the design and make it cost effective. The analysis leads to the selection of the appropriate measurements to be used in fluid flow and to the identification of both the most critical measurements and parameters.