Answer:
Factor of safety is defines as the ratio between the strength of a material and the maximum stress that is developed in the material as a result of any given loading.
Mathematically we can write
Consider any member of a machine that is under state of stress due to a general external loading, now we know that the material has a definite value of strength meaning that there is a definite value of force/stress at which the material will fail by fracture or by yielding as an example say a rod of steel will fail if we apply a load of 1000 Newton's on it.
Since as a basic principle of design we do not want any chance of failure in the machine at any cost we limit the maximum value of the stress that is developed in the machine part by designing the part in such a way that during the application of maximum load in the machine part the maximum stresses that are developed in the machine are well below the strength of the material for safety considerations. The factor by which the working stresses are less than the strength is termed as factor of safety.
Another significance of factor of safety is that if we need to estimate the loads on the machine that may act on it and we are not absolutely sure about the magnitude of the loads then we tend to increase the loads by a factor so that we design the structure to withstand greater loads hence if in case in the lifetime of the structure the loads exceed the normal value our structure will still remain structurally safe.