Understanding conditional probability is key to determining the right maintenance and how it impacts your reliability. This article is to address the difference in the conditional probability of failure patterns, and the impact on how best to maintain assets based upon those differences.
Definition: Conditional probability of failure is defined as the likelihood an item will fail in the next period, assuming it has not yet failed. Editor’s note: for a bit more information on Conditional Probability of Failure and Hazard rates, please refer to this article by our colleague, Mr. Murray Wiseman. Read more “Understanding Conditional Probability is Key”