Consider the following statements:

1. The working stress design is based on explicit consideration of the various conditions under which the structure may cease to fulfill its intended function.

2. In the case of working stress design, the structure will directly take into consideration the various relevant modes of failure.

3. In the working stress method, regulatory bodies or classification societies usually specify the value of the allowable stress as some fraction of the mechanical properties of materials

Which of the above statements is/are correct?