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Definition. Failure rate refers to the frequency with which a system or component fails within a specific period of time, typically expressed as a proportion of total operating time.
The following table depicts the possible outcomes for the auditor's estimated computed upper deviation rate based on a sample relative to the auditor's tolerable deviation rate (i.e., the computed upper deviation rate will either be above or below the tolerable deviation rate).
May 4, 2023 · Definition of Internal Failure Costs – What is an Internal Failure Cost? Internal failure costs refer to the costs incurred by a company when its products, processes, or services fail to meet the desired quality standards and require rework, repair, or replacement.
Failure rate is a measure used to quantify the frequency at which a system or component fails over a specified period of time. This concept is crucial in assessing reliability, where a higher failure rate indicates lower reliability and vice versa.
