A product designer must decCide if a redundant component is cost-justified in a product. The produ in question has a critical component with a probability of .98 of operating. Product failure would involve a cost of $20,000. For a cost of $100, a switch and backup component could be added that would automatically transfer the control to the backup component in the event of a failure. Should the backup component be added if its operating probability is also ,98?
A product designer must decCide if a redundant component is cost-justified in a product. The produ in question has a critical component with a probability of .98 of operating. Product failure would involve a cost of $20,000. For a cost of $100, a switch and backup component could be added that would automatically transfer the control to the backup component in the event of a failure. Should the backup component be added if its operating probability is also ,98?
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 11ECP: A manufacturer has determined that a machine averages one faulty unit for every 500 it produces....
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Transcribed Image Text:A product designer must decide if a redundant component is cost-justified in a product. The produ
in question has a critical component with a probability of .98 of operating. Product failure would
involve a cost of $20,000. For a cost of $100, a switch and backup component could be added that
would automatically transfer the control to the backup component in the event of a failure. Should
the backup component be added if its operating probability is also .98?
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