A Component Must Have Reliability of

question 33

Essay

A component must have reliability of .9925. Two technologies are available for this component: one produces a component with .999 reliability at a cost of $2000. Another produces a component with .73 reliability at a cost of $450. Which is cheaper: one high quality component or a parallel set of inferior components?

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Definitions:

Table

A method for organizing data in rows and columns to facilitate analysis and representation.

Probabilities

A calculation that determines the chances of an event occurring, with values between 0 and 1 to signify probability.

t-Table

A table used in statistics that shows the critical values of the t-distribution, used in hypothesis testing and constructing confidence intervals.

Degrees of Freedom

The number of independent values or quantities that can vary in an analysis without violating any constraints.