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In this issue: |
Issue 14, April 2002 |
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Reliability HotWire is a service
of ReliaSoft Corporation
To subscribe or update your e-mail preferences, go to
https://www.weibull.com/hotwire/index.htm
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Hot Topics |
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Financial Applications
for Weibull Analysis
Reliability engineering may be described as the use of applied statistics
for engineering evaluation purposes. Naturally, the statistical techniques
incorporated in reliability engineering can be used for many other
purposes. One field that employs many of the same statistical techniques
is that of financial analysis. In this article, we will look at one of the
ways Weibull analysis (i.e. statistical analysis with the Weibull
distribution) can be used in a financial context by examining its utility
in conducting intangible asset valuation. Potential applications for
intangible asset valuation include credit card default rates, season
ticket renewal rates for sports and entertainment venues, stock brokerage
accounts and life insurance. This article uses the example of a
newspaper's subscription accounts to explore the methods and results of
this analysis type.
To read more, see
https://www.weibull.com/hotwire/issue14/hottopics14.htm
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Reliability Basics |
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The purpose of this section is to offer background and advice to the novice
reliability engineer.
Characteristics of the Weibull Distribution
In the last several issues of Reliability HotWire, we looked
at how distributions are defined and how common reliability metrics are
derived.
In this issue, we will take a closer look at a specific distribution that
is widely used in life data analysis - the Weibull distribution. Named for
its inventor, Waloddi Weibull, this distribution is widely used in
reliability engineering and elsewhere due to its versatility and relative
simplicity.
To read more, see
https://www.weibull.com/hotwire/issue14/relbasics14.htm
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Tool Tips |
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The Tool Tips
section addresses helpful hints and frequently asked questions about
ReliaSoft software products.
To read more, see
https://www.weibull.com/hotwire/issue14/tooltips14.htm
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Hot News |
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MSG-3
Maintenance Program Creator Released
- ReliaSoft's MPC 3, an MSG-3 compliant maintenance program creator,
was released in March, 2002. Developed with Honeywell Aircraft Engines
& Systems Group, this software package is specifically designed for
the aerospace industry. For more information, see
http://MPC.ReliaSoft.com.
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Next Seminar in Tucson, May 20 - 24 -
The next ReliaSoft "Master the Subject, Master the Tools"
seminar will be held in Tucson from May 20 - 24, 2002 at the
Sheraton Hotel and Suites. For more information on course content
and how to register, see
http://www.ReliaSoft.com/seminars/master.htm.
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ReliaSoft at MRO
- ReliaSoft will be participating at the Maintenance, Repair and
Overhaul (MRO) Conference and Exhibition to be held April 9 - 11, 2002
at the Phoenix Civic Plaza and Convention Center in Phoenix, Arizona.
ReliaSoft will have a booth in the vendors' area where you can get
information on ReliaSoft's products and services. For more details,
see
http://www.awgnet.com/conferences/mromain.htm. |
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ReliaSoft at SAE
- ReliaSoft
would like to thank those of you who stopped by the ReliaSoft booth in
the vendors area during the recent SAE 2002 World Congress
in Detroit, Michigan. We hope we helped contribute to making this a
productive and interesting symposium for you. |
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New Resources on Weibull.com - Recent additions to
ReliaSoft's reliability resource Web site,
http://www.Weibull.com, include a
System Reliability Online Reference and a handy
subject index for the articles published in Reliability
HotWire and Reliability Edge. Whenever you have reliability
related questions, be sure to turn to www.weibull.com for the answers!
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From The Edge |
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In addition to the
monthly Reliability HotWire, ReliaSoft publishes Reliability
Edge, a printed journal that includes articles and information
related to the field of reliability engineering. Articles of interest in
the current edition:
- Introduction to Accelerated Testing Types - For a variety
of reasons, manufacturers may wish to obtain reliability test results
more quickly than they can when the data comes from products operating
under normal use conditions. They may use accelerated life tests to
capture life data for the product under accelerated stress conditions,
which cause the units to fail more quickly. Performed correctly,
accelerated testing can significantly reduce test times, resulting in
reduced time to market, lower product development costs and lower
warranty costs, as well as other benefits. See
http://www.ReliaSoft.com/newsletter/4q2001/accel_tests.htm.
- Limitations of the Exponential Distribution for Reliability
Analysis - The unsupported assumption that most reliability
engineering problems can be modeled well by the exponential
distribution is still widely held. In a quest for simplicity and
solutions that we can grasp, derive and easily communicate, many
practitioners have embraced simple equations derived from the
underlying assumption of an exponential distribution for reliability
prediction, accelerated testing, reliability growth, maintainability
and system reliability analyses. However, the situations in which the
exponential distribution may be appropriately applied are not as
common as some would have you believe. See
http://www.ReliaSoft.com/newsletter/4q2001/exponential.htm.
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Share Your Experience
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Reliability
Specification Experiences Wanted
Reliability specifications are a central component of most reliability
analyses. Despite their central importance, there is wide variation
within industry as to the format and meaning of reliability
specifications. In many cases, there are serious deficiencies in the
specifications on which manufacturers base important business decisions.
In a future issue of our printed newsletter, the
Reliability Edge, we will examine the reliability specifications
that are commonly used in industry today. We invite you to participate
by sharing non-confidential/non-proprietary information about the
reliability specifications that you work with in your day-to-day
efforts. Do you have experience with particularly effective reliability
specifications? Have you struggled to educate decision makers in your
organization about the inadequacies of the specifications that they have
adopted? Have you received specifications from a client that just do not
make sense?
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Copyright © 2002
ReliaSoft Corporation, ALL RIGHTS RESERVED
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