The study aims at modelling and assessment of survival probability of a component experiencing two kinds of shocks namely, damage shock and fatal shock. Shocks are occurring randomly in time as events of a Poisson Process. The two cases of fixed/random threshold of components are studied. Survival probabilities of proposed models are derived. Maximum likelihood estimators (MLEs) of survival probabilities are obtained using the data from life testing experiments. Fisher information and asymptotic distribution of MLEs of parameters are obtained when a constant threshold is considered. Computation and comparison of estimators of two cases (constant threshold and random threshold) are made through simulation studies. The study recommends the consideration of threshold as a random variable.