This document summarizes a study that aims to develop a framework for integrating reliability considerations into the conceptual design process of industrial plants. The framework would allow designers to specify quantitative reliability targets and optimize design parameters for reliability. Currently, reliability analysis is often not systematically considered until later design stages. The proposed framework decomposes the overall problem into sub-problems of reliability optimization and process/maintenance design optimization. It also discusses identifying common system failure causes over the lifecycle and using mathematical models to represent system reliability based on components in series, parallel or hybrid configurations. The framework is intended to take a knowledge-based approach of setting reliability targets early in design.