In: Operations Management
Please summarize or rewrite the following passage in at least 200 words
A display system in which subsequent failures of plant equipment and plant systems are predicted to occur and in which the probability of failure before a specified date and the probability of failure after a specified date is determined and displayed and in which the calendar date is determined and displayed when the desired probability that the equipment not fail prior to the calendar date is specified. The system includes an Equipment Failure And Degradation Module that determines the remaining equipment/system life; a Probability-of-Failure Predictor Module that determines the probability of the equipment/system failing prior to a specified date and the probability of the equipment/system failing after a specified date; and a Date-of-Failure Predictor Module that determines the calendar date that corresponds to a specified probability that equipment not fail prior to the date.
Answer: There are display systems which helps us to predict and ascertain the incidences of the failures of the plant equipment and plant systems. Such systems have a number of features. The features which such system offers are determination and display of the probability of failure before a specified date and probability of failure after a specified. In such systems the calendar date is also determined and displayed for the desired probability that the equipment will not fail prior to that calendar date. Such systems are very helpful in understanding and estimating the chances of equipment and system failures inside the plants. There are certain components that enable such systems to offer such types of functionalities. This system comprises of an equipment failure and degradation module which helps in establishing the remaining life of a system or equipment. It also consists of a probability of failure predictor module that helps in determining the probability that a system/equipment will fail prior to a specified date and it also predicts the probability of an equipment/system to fail after a specified date. It also consists of a date of failure predictor module that helps in determining the calendar date which corresponds with a specified probability that the equipment will not fail prior to the date. All these features enable to develop display systems which help us to predict and ascertain the incidences of the failures of the plant equipment and plant systems