Dear Julia,
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Yes, I agree with your paraphrasing.
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I’m not following everything in your question, but I believe the answer is that you should not be comparing the lifetime reduction of RootMxb against RootMyb (or the like). Instead, fatigue should be analyzed in terms of load roses–that is, one would calculate the lifetime reduction at a number of different orientations around the beam and the orientation with the least reduction is what would be expected. Load roses are discussed further in the following forum topic: A question on measuring the shaft bending moment in FAST.
Best regards,