
Different Data Same Decision
Let say you have some time to failure data on your equipment. A common action is to calculate the MTBF. All well and good until you expect to make a meaningful decision based on the calculation.
Using just the mean of the data, the MTBF value is likely to provide you with a less-than-useful bit of information. Thus, your decision will be rather random or worthless.
Let’s explore just how this simple calculation of perfectly good data can mislead your decision-making. [Read more…]