It depends.
In some cases, you have some code that specifies an allowable stress and you calculate the actual stress and compare it to the allowable.
In some cases, you have some code that specifies nominal strength- you calculate actual load, multiply by some factor, and then compare that to the nominal strength of the item.
In some cases, there isn't any kind of code or standard involved. In that case, you can use either of the two approaches above and assume the appropriate factors.
Or you can look into theories of failure and evaluate that way.