Perform survival model and hazard rate calculations.
Free CAS MAS-I (Modern Actuarial Statistics I) lesson in Probability Models. 12 min read, ~1,827 words.
Survival function; strictly non-increasing,. Hazard rate; instantaneous failure rate given survival, with units of 1/time (not a probability, so is allowed). Cumulative hazard, so. Mean lifetime; mean residual life. Conditional survival; equals alone only for the exponential (memoryless). The four representations are equivalent; any one determines the others.
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What this lesson covers
- Content
- Example 1
- Example 2
- Common Mistakes
- Check Your Understanding
- Exam Shortcuts
Learning objectives
- A4
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