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The variation in probability of the failure of an asset is not closely tied to the median service life.
Assets with a wide dispersion may exhibit varying degrees of skewness in their distribution, as follows:
There is generally a strong correlation between long life assets and a wide dispersion.
Listed below are some principles for consideration in the management of asset with wide dispersion patterns.
Fig. Histogram for an asset with a wide dispersion pattern.
Fig. Comparison of narrow and wide dispersions in a probability distribution.
Fig. Wood siding generally exhibits a wide dispersion pattern around 30 years.
Fig. I. Care is trying to connect the dots to reveal the patterns in the data that underpin his assets.
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