The way I see it is that each bike manufacturer will likely have their own standards, and even those will vary depending upon whether the bike is used for beach cruising or xc or enduro or downhill racing or some other expected use.
In other words you will want to apply a FOS (factor of safety), which is a multiplier, which takes into account how important some factors are, such as cost of failure and importance of minimized mass and/or cost.
These ultimately are judgements made by senior engineers, which are educated guesses based on the application.
For example based upon my experience, if someone is using a chain for pulling a load, the engineer will apply a FOS based upon the load, which will likely cause the chain to not fail, say maybe +25%. However, if the chain is used for overhead lifting, due to the increased danger, then the FOS would be higher if for overhead lifting, say 5:1, because failure could be so much more costly.
On the other hand, if it’s for spacecraft components, the cost of getting any given mass into orbit is highly more expensive, but also the cost of failure also far more expensive, and so there would be a different FOS, determined by the judgement of senior engineering staff, likely well under 5:1.
Often this would be inferred by whatever examples that one would have the opportunity to learn from. Such as if you were designing spacecraft components and you were fortunate enough to have some design examples from NASA, then you might infer that they use a specific FOS in that example. Here they tend to take even more factors into play, such as how likely the actual material is as strong as the nominal published material ratings, which are in fact not uniform, meaning a given piece of material (say aluminum plate) may be rated for a nominal strength, but in fact maybe 5 out of 100 may be weaker, so the senior engineer may dictate an increased FOS based on the possibility of the component being made of the 5th percentile of potential material strength.
Ultimately this is a major challenge of engineering, determining appropriate FOSes based upon experience, assumptions, and calculations.
Please forgive if I’m kind of all over the place here, been watching lots of football today and drinking appropriate amounts of fermented frosty beverages
Go Tampa Brady! 