This is part of a short series on the common life data distributions.
The Poisson distribution is a discrete distribution. This short article focuses on 4 formulas of the Poisson Distribution. It is also known as the rare event distribution. It has application in a homogeneous Poisson princess and with renewal theory. Continue reading
Planning and Implementing a risk management framework is an admirable accomplishment. Now make sure it is running well and will do so into the future.
As with any process, there will be opportunities to make improvements. By monitoring and reviewing your program you will find what is working well and what is not. Continue reading
Identifying risk is an important first step. It is not sufficient though.
Taking steps to deal with risk is an essential step. Knowing about and thinking about risk is not the same as doing something about risk. Continue reading
Once reliability risks have been identified and analyzed, we have to do something.
Well, not really.
If the risk is acceptable to the stakeholders, then we can simply continue with the current plan and monitor or any new risks or changes in our understanding of the existing risks. Continue reading
Making or supporting decisions involving product or system reliability is fraught with uncertainty. Is it reliable enough? Will failures occur prematurely? Are failures dangerous?
Uncertainty is risk.
In recent years more organizations and international standard bodies have focused on risk management. Identifying, analyzing, and mitigating uncertainty in a systematic manner. Continue reading