Suppose you manufacture a product made up of five components, each with a reliab

Question

Suppose you manufacture a product made up of five components, each with a reliability of 98%. Your closest competitor manufactures a like product that is made up of only two components, each with a reliability of 96%. With respect to reliability, which product is more likely to be favored by potential customers? Suppose you are able to add a backup to only one of the components of your product with the backup having the same reliability as the original component. What effect does this one backup component have on the overall reliability of your product compared to that of your competitor (who uses no backup components at all)? Given that the industry standard for reliability for the product in question is 95%, determine the required component reliability for your product if all components have the same reliability. Also determine the required component reliability for your competitor's product

Explanation / Answer

Answer:

Part 1:

Part 2:

Part 3:

For our product if overall reliability is 0.95:

For competitor’s product if overall reliability is 0.95:

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