Electric power grid is one of the most complex engineered systems in the 21 st century. Several challenges, including unexpected system element failure and resource uncertainty, exist for an efficient and reliable operation of a power system. While algorithmic performance and computation hardware have advanced significantly, model approximations and simplifications are still used in commitment and dispatch models. Operators must, therefore, seek to adjust and correct unreliable solutions outside of the market engine. Such operator-initiated actions are referred to as out-of-market corrections (OMC) in this paper. Two OMC models are proposed to mimic and optimize the process that operators take to adjust unreliable solutions. The OMC models estimate the operating costs incurred to move an unreliable solution to a reliable one. The proposed models are used to evaluate the reliability of the system and are compared with the traditional value-of-lost-load approach. The case study is conducted using the IEEE 118-bus system.