Practical uses of the Weibull distribution for decision making
G. Knight
https://doi.org/10.19124/ima.2018.001.13
Abstract
Weibull analysis is often seen as a complicated technique employed by reliability engineering enthusiasts and statistical analysis aficionados, with un-relatable features such as “beta parameters” and “characteristic life”. The array of information that is made available from a quick web search doesn’t do much to convince the casual browser of anything different. What does exist is a dearth of information or guidance on just how useful the Weibull distribution is, therefore no compelling case is made for the casually interested party to look further into the use of this as part of an analysis technique. Analysis using the Weibull distribution include determining an appropriate improvement activity or asset management tactic, assessing test data for product life or supporting investment decisions. This paper gives an overview of the Weibull distribution in plain language, explaining the terminology in relatable terms to the general population. Also covered is the way in which each input variable can be calculated or estimated. Applications for Weibull analysis are explored, with proposals of action based upon the results. The different ways in which the data can be presented is also shown, with key points to consider when proposing asset management activities.