Reliability Analysis … now what? Part 2

podcast episode with speaker Chris Jackson

Last month’s webinar was ‘Reliability Analysis … now what?’ And we showed how to slightly ‘tweak’ all those textbook reliability analyses into USEFUL ACTIVITIES. What good is a 90 % confidence bound on reliability? What does this mean for profit? Or fleet size? Or mission success? We solved this problem using a technique based on identifying the ‘likely’ ways we can explain our data. In fact – there is a whole bunch of statistics on creating the ‘likelihood’ on an explanation of what we see. And we use this ‘likelihood’ in most statistical applications – including those USEFUL ACTIVITIES we talked about above.

But what is this ‘likelihood’? What does it mean – particularly if I am trying to analyze data and turn it into something useful? Well … finding this likelihood ‘thing’ is much simpler than it sounds. And it is an essential part of turning a random bunch of failure data points (or something similar) into something you can base a decision on.

So in this webinar, we will show what this ‘thing’ is and how to turn any type of reliability data into that likelihood. Which is the next step on your journey to providing useful information to your decision-maker? Which also means YOU become more valuable!

This Accendo Reliability webinar originally broadcast on 22 September 2020.