This is one of my biggest professional pet peeves and I just had to rant about it.
I have often come across the perception that lockwire serves as torque retention, often from fellow engineers. IT DOES NOT. The simplest argument for this: when installing the lockwire, no significant load is placed on it. It is simply twisted into place. It cannot be retaining torque when that torque is not imparted to it to begin with. It's a simple case of applied load versus reaction force - and there is none in the lockwire. I get glazed looks at this point, even from people who should know better. Then I point out that a 0.040" diameter piece of wire isn't CAPABLE of handling a 400 in-lb torque load, double-twisted and wrapped around the object or not.
Lockwire's job is simply to stop items from backing off completely and retaining them, preventing them from becoming FOD (foreign object debris/damage, aka loose parts that would bounce around and cause damage). In some cases it may help reduce fluid losses (by preventing a fluid line's B-nut from backing completely off) but won't ensure the seal will be kept. Most often it's used to prevent the loss of hardware.
I felt the urge to put this out there and see if other folks felt the same. If I'm off-base, so be it! I welcome other viewpoints or comments.
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