You are right, stevenal, using demand factor it is not any guarantee for non-tempestuous tripping. For a Power Station, of sure, I don't propose this. The demand factor is a statistical way to take into consideration a minimum breaker number of trips and so to reduce the expenses of entire installation. Utility never use 100% installed power in order to calculate a rated power of a step-down transformer or an overhead line and the demand factor may decrease up to 25-30%.
In 1981, Nickel & Braunstein from Arkansas Power and Light, introduced the coincident factor and I think the demand factor is always based on this: Fco=1/2*(1+5/(2*n+3)) where n is the number of receivers [lighting lamps ,motor and so on]. One may see that for 1 receiver Fco= 1 and for 100 is 0.51.