The New Computer Your Business Bought Lists a Mean Time

question 159

Essay

The new computer your business bought lists a mean time between failures of 1 year, with a standard deviation of 3 months. Eight months after a repair, it breaks down again. Is this surprising (Assume that the times between failures are normally distributed.)

---

Definitions:

Strategic Role

The function and importance of a particular activity or entity within the broader context of achieving long-term objectives.

Product Portfolio

The collection of all products or services offered by a company, considered especially in terms of their relative competitive positions and market appeal.

New-product Protocol

A guideline or plan that outlines the process of developing and launching a new product, including stages from initial idea generation to market launch.

Environmental Scanning

The ongoing process of collecting information about external factors that might affect an organization's future plans and operations.