"High Reliability Can Be Achieved in a Product Without Having

question 84

Essay

"High reliability can be achieved in a product without having high reliability in the component parts. In fact, any reliability target, no matter how high, can be achieved with only mediocre parts, so long as enough of them are present." Discuss; an example may help.

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Definitions:

Penalize Shirking

Involves imposing consequences on employees or agents who reduce their effort or productivity, often seen in economic models of labor markets.

Efficiency Wage

A higher-than-market wage paid by employers to increase productivity and efficiency among workers by motivating them and reducing turnover.

Market-clearing Wage

The pay rate where the amount of labor offered matches the amount of labor required.

Electronic Devices

Gadgets and equipment that operate by controlling the flow of electrons or other electrically charged particles.