GMS 401 Lecture Notes - Lecture 4: Standard Deviation, Mean Time Between Failures, Bathtub Curve

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 401
• Professor: Wally Whistance- Smith

Document Summary

Consider that the objective of maintenance and reliability is to maintain the capability of systems. Systems make products and products make us money! Failure has far reaching effects on a firm"s: operation, reputation, profitability, dissatisfied customers, idle employees, profits become losses, reduced value of investment in plant and equipment. Reliability is the probability that a machine will function properly for a specified time. Reliability happens by: improving individual components, providing redundancy. Reliability: the ability of a product, part, or system to perform its intended function under a prescribed set of conditions. Failure: situation in which a product, part, or system does not perform as intended. Normal operating conditions: the set of conditions under which an item"s reliability is specified. If a component or item has a reliability of 0. 8, it means that it has a 80% probability of functioning as intended, the probability it will fail 1-0. 8 = 0. 2 which is 20%