Assume That a Crucial Machine Part Has a 5% Rate

question 48

Essay

Assume that a crucial machine part has a 5% rate of failure in six months, based on company data. Compare the probability of having a single part fail during a six month
period to the probability of having a second independent backup part and having both of
them fail in 6 months. Describe the improved reliability gained with a backup part.

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Definitions:

U.S. Currency

The official money issued by the United States, which includes banknotes and coins denominated in U.S. dollars.

U.S. Dollar

The U.S. Dollar is the official currency of the United States and is widely used around the world as a standard for financial transactions.

Hong Kong Dollars

The official currency of Hong Kong, abbreviated as HKD.

U.S. Dollars

The official currency of the United States, widely used as a standard of exchange in international markets.