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The Importance of Looking at the Probability Plot When Fitting a Model Using Least Squares Regression

The correlation coefficient, ρ, provides a measure of the fit of a model to a set of data points. For most real data sets, the absolute value of ρ lies between 0 and 1, with a higher value of ρ indicating a better fit of the model to the data (i.e., when ρ = -1 or ρ = 1 the model fits the data perfectly, and when ρ = 0 it does not fit at all). In fact, some practicing reliability engineers use a threshold value of ρ (e.g., 0.9) to determine that their model adequately fits the data. However, when fitting a model to data, it is important to evaluate the probability plots in addition to the value of ρ before drawing the conclusion that the proposed model is a good fit to the data. 

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Read the Latest Reliability News


2016 ARS North America Excellent Presentation Award Winners

The 2016 International Applied Reliability Symposium North America in San Diego wrapped up in June with more than 160 attendees from over 100 cities. Thank you to all the presenters who shared their experiences, challenges, insights and solutions with the reliability and maintainability engineering community. 

  • Gold - Vishal Mhaske of Tesla Motors
    Tailoring the DFMEA Process to Fit a Fast Paced Company Culture
  • Silver - Rachel Stanford of Schlumberger
    Reliability Centered Maintenance: Applying an Aviation Philosophy to Oil & Gas 
  • Bronze - Ray Gibson of Philips - Respironics Sleep Therapy Product Group
    Combining Reliability Tools in the Pursuit of Root Cause from Field Data  

For more information and to see photos from the event, visit: http://www.ARSymposium.org/2016/index.htm.

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ReliaSoft Attends ALARP: Risk Management Conference

ReliaSoft attended ALARP 2016: Risk Management for Engineering on June 28th in Birmingham, UK. We met engineering professionals in several industries such as oil & gas, energy and rail, and we gained some insight on challenges and solutions in these industries. Our team enjoys discussing risk management and best practices in reliability engineering — please reach out if you have any questions. To learn more about how asset performance management is supported by reliability engineering, visit: http://www.ReliaSoft.com/newsletter/v11i1/asset_management.htm.

 
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