Rotational Velocity can be input as omega in radians/sec, but you can set the units to enter RPM directly. The object needs to be fixed to ground.
Rotational Velocity requires the axis of revolution so the solver knows the radial dimension "r" of each node from the axis. The solver knows the mass m of each element so it calculates a force on each node according to the equation m omega^2 r.
That force causes deformation that causes stress. There is more deformation if the RPM is increased. There is more deformation the further the node is from the axis of rotation.
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