Failure Time Data Analysis

Failure Time Data Analysis involves studying the time until an event of interest occurs, such as equipment breakdowns or patient recoveries. It helps identify patterns and factors that influence how long systems or objects last before failing. By analyzing this data, organizations can improve reliability, optimize maintenance schedules, and make informed decisions to prevent unexpected failures. The process often uses statistical methods to handle incomplete information, like cases where the failure hasn't happened yet (censored data), ensuring accurate insights into the lifespan of products or systems.