Assessing Product Reliability
|Reliability methods and terminology began with 19th century insurance companies||
Reliability theory developed
apart from the mainstream of probability and statistics, and was used primarily as a
tool to help nineteenth century maritime and life insurance companies compute
profitable rates to charge their customers. Even today, the terms "failure
rate" and "hazard rate" are often used interchangeably.
The following sections will define some of the concepts, terms, and models we need to describe, estimate and predict reliability.