Today, I realized what hazard rate (aka failure rate) means. Well, I knew the definition before, but now I understand it as well.
It would be easier to explain by comparing with pmf and cdf. 43 more words
With total silence around me and my mind wanting to immerse in a book, I picked up this book from my inventory. I came across a reference to this work in Aaron Brown’s book on Risk Management. 3,524 more words