What do we mean by reliability? Mathematically, it is the probability that a piece of equipment will be capable of working when called upon to do so for the time required and under the environment specified, and, if we know the mean time between failures and make certain assumptions about the randomness of the failures, we can derive expressions that will give numerical values of inherent reliability.
In layman's terms, we can say that it is the ability of a piece of equipment, whether it be a small component or a complete aircraft, to be ready to work and to continue to work in the environment for which it has been designed, for as long as the specification requires it to do so and to do this with the minimum amount of maintenance.