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Risk is the lack of certainty about the outcome of making a particular choice. Statistically, the level of downside risk can be calculated as the product of the probability that harm occurs (e.g., that an accident happens) multiplied by the severity of that harm (i.e., the average amount of harm or more conservatively the maximum credible amount of harm).
A special-cause failure is a failure that can be corrected by changing a component or process, whereas a common-cause failure is equivalent to noise in the system and specific actions cannot be made to prevent the failure. Harry Alpert observed: A riot occurs in a certain prison.
Survival analysis is a branch of statistics for analyzing the expected duration of time until one event occurs, such as death in biological organisms and failure in mechanical systems. This topic is called reliability theory , reliability analysis or reliability engineering in engineering , duration analysis or duration modelling in economics ...
The last region is an increasing failure rate due to wear-out failures. Not all products exhibit a bathtub curve failure rate. A product is said to follow the bathtub curve if in the early life of a product, the failure rate decreases as defective products are identified and discarded, and early sources of potential failure such as ...
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The objective of Risk Management is to predict risks, assess their likelihood and impact, and to actively plan what should be done ahead of time to best deal with situations when they occur. The risk management process usually occurs in five distinct steps: plan risk management, risk identification, qualitative and quantitative risk analysis ...
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The distribution of failure times is the probability density function (PDF), since time can take any positive value. In equations, the PDF is specified as f T. If time can only take discrete values (such as 1 day, 2 days, and so on), the distribution of failure times is called the probability mass function.