Thanks Jack.
Xaacto, from the discussion and a few readings, what i think, is that, if you don't suspect a high probability of radiation induced errors or any other kind of prominent cause of faults, you can design with consumer grade electronics.
No matter what grade of component you use, you should have provisions at board level/system level to withstand random faults to any of the subsystems/modules/chips.
Correct me if I am wrong.
Another question is, at what level is this usually done? Whether you duplicate/triplicate
the entire main board /
modules like RAM/SMPS /
Chips like RAM chips & SMPS controllers ICs /
is this decision up to the system designer?