Recently a question came to me about the difference between hazard rate and failure rate. A lot of literature and reference use these two terms interchangeably. I have long thought there is a difference, and to check my understanding I asked a good friend and reliability engineering consultant Chet Haibel. He provides a slide set (below) that described the various functions we use working reliability statistics and he details out the functions when using the exponential distribution.
Please review the slides and comment or ask questions – both Chet and I will attempt to help clarify any misunderstandings. I do think the slides are excellent and will do a great job providing a review of basic reliability math and the exponential distribution.
Slide set posted with permission of Chet Haibel.
Basic Statistics (article)
The Exponential Distribution (article)