Concept explainers
a
Interpretation:
Probability Density Function
Concept Introduction:
Probability Distribution Function is a likelihood of an event to occur for discrete random variables. Graphically, it shows how likely variables will fall under the probability area.
b
Interpretation:
Probability that a piece of equipment survives more than 20 years.
Probability is the likelihood of an event to occur.. It ranges between 0 to 1. O implies no chance of occurance while 1 implies 100% chance of occurance.
c
Interpretation:
Probability that a piece of equipment survives more than 10 years but fewer than 20 years.
Concept Introduction:
Exponential distribution is a probabilitydistribution which finds probability of an event to occur between independent constant rate and continous rate.
Probability is the likelihood of an event to occur.. It ranges between 0 to 1. O implies no chance of occurance while 1 implies 100% chance of occurance.
d
Interpretation:
Probability that a piece of equipment survives more than 20 years given it has survived for 10 years
Concept Introduction:
Exponential distribution is a probabilitydistribution which finds probability of an event to occur between independent constant rate and continous rate.
Probability is the likelihood of an event to occur.. It ranges between 0 to 1. O implies no chance of occurance while 1 implies 100% chance of occurance.
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Production and Operations Analysis, Seventh Edition
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