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Durability is the ability of a physical product to remain functional, without requiring excessive maintenance or repair, when faced with the challenges of normal operation over its design lifetime. [ 1 ] : 5 There are several measures of durability in use, including years of life, hours of use, and number of operational cycles. [ 2 ]
grade: tumor grade (1-4) gleason: Gleason grade (3-10) The survival tree produced by the analysis is shown in the figure. Survival tree for prostate cancer data set. Each branch in the tree indicates a split on the value of a variable. For example, the root of the tree splits subjects with grade < 2.5 versus subjects with grade 2.5 or greater.
A car is a durable good. The gasoline that powers it is a non-durable (or consumable) good. Examples of consumer durable goods include housing, vehicles, books, household goods (home appliances, consumer electronics, furniture, musical instruments, tools, etc.), sports equipment, jewelry, medical equipment, and toys.
It is also different from product economic life which refers to the point where maintaining a product is more expensive than replacing it; [2] from product technical life which refers to the maximum period during which a product has the physical capacity to function; [3] and from the functional life which is the time a product should last ...
When the product can be repaired, estimating durability is more complicated. As well The item will be used until it is no longer economical to operate it. This happens when the repair rate and the associated costs increase significantly. Technically, durability can be defined as the amount of use one gets from a product before it deteriorates.
For example, human beings are perishable: the life expectancy at birth in developed countries is about 80 years. So the Lindy effect does not apply to individual human lifespan: all else being equal, it is less likely for a 10-year-old human to die within the next year than for a 100-year-old, while the Lindy effect would predict the opposite.
Experimental economics is the application of experimental methods [1] to study economic questions. Data collected in experiments are used to estimate effect size, test the validity of economic theories, and illuminate market mechanisms. Economic experiments usually use cash to motivate subjects, in order to mimic real-world incentives.
To overcome the durability problem, durable good manufacturers must persuade consumers to replace functioning products with new ones or to pay them money in other ways. Replacement of functioning goods refers to business strategies that persuade or force consumers to purchase new products.