measure of the service life
of an asset (such as a
boiler or a roof) which is a "realistic"
mid-way between the high estimate ("optimistic") and
On a probability
distribution, it is the mid point between the late-start year and
the early start year.
The concept fails to acknowledge that some assets
have negative skewness and positive
skewness in their probability distributions.
- The median service life of our boiler is
17 years, with the low estimate at 14 years and the high estimate at 20
distribution curve indicating the early start year at the beginning of