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Reliability Models

In: Operations Research

Author

Listed:
  • H. A. Eiselt

    (University of New Brunswick)

  • Carl-Louis Sandblom

    (Dalhousie University)

Abstract

In the previous chapter on stochastic processes, we considered a system, which could be in different states in any one time period, and in which the transition from one state to another can occur randomly. Reliability theory in its simplest form includes a number of independent components, each of which is in exactly one of two states: it functions properly, or it does not. Our task is to calculate the probability that the entire system works. The system under consideration may describe a life-changing or life-saving scenario. Consider, for instance, a passenger elevator in a building. Its proper functioning may determine whether or not the passenger live to tell of their experience. On the other hand, if a hardware or software component of a personal computer crashes, it could probably result in some inconvenience to the user but would not be fatal. In reality, deadly accidents related to elevator malfunctions are quite rare: worldwide, there are about 27 elevator deaths per year. On the other hand, computer crashes are an almost everyday occurrence.

Suggested Citation

  • H. A. Eiselt & Carl-Louis Sandblom, 2022. "Reliability Models," Springer Texts in Business and Economics, in: Operations Research, edition 3, chapter 14, pages 439-455, Springer.
    • Handle: RePEc:spr:sptchp:978-3-030-97162-5_14
    DOI: 10.1007/978-3-030-97162-5_14
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