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Force Of Mortality
In actuarial science, force of mortality represents the instantaneous rate of mortality at a certain age measured on an annualized basis. It is identical in concept to failure rate, also called hazard function, in reliability theory. Motivation and definition In a life table, we consider the probability of a person dying from age ''x'' to ''x'' + 1, called ''q''''x''. In the continuous case, we could also consider the conditional probability of a person who has attained age (''x'') dying between ages ''x'' and ''x'' + ''Δx'', which is :P_(\Delta x)=P(x [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fundamental Theorem Of Calculus
The fundamental theorem of calculus is a theorem that links the concept of differentiating a function (calculating its slopes, or rate of change at each time) with the concept of integrating a function (calculating the area under its graph, or the cumulative effect of small contributions). The two operations are inverses of each other apart from a constant value which depends on where one starts to compute area. The first part of the theorem, the first fundamental theorem of calculus, states that for a function , an antiderivative or indefinite integral may be obtained as the integral of over an interval with a variable upper bound. This implies the existence of antiderivatives for continuous functions. Conversely, the second part of the theorem, the second fundamental theorem of calculus, states that the integral of a function over a fixed interval is equal to the change of any antiderivative between the ends of the interval. This greatly simplifies the calculation of a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reliability Theory
Reliability engineering is a sub-discipline of systems engineering that emphasizes the ability of equipment to function without failure. Reliability describes the ability of a system or component to function under stated conditions for a specified period of time. Reliability is closely related to availability, which is typically described as the ability of a component or system to function at a specified moment or interval of time. The reliability function is theoretically defined as the probability of success at time t, which is denoted R(t). This probability is estimated from detailed (physics of failure) analysis, previous data sets or through reliability testing and reliability modelling. Availability, testability, maintainability and maintenance are often defined as a part of "reliability engineering" in reliability programs. Reliability often plays the key role in the cost-effectiveness of systems. Reliability engineering deals with the prediction, prevention and manageme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Actuarial Present Value
The actuarial present value (APV) is the expected value of the present value of a contingent cash flow stream (i.e. a series of payments which may or may not be made). Actuarial present values are typically calculated for the benefit-payment or series of payments associated with life insurance and life annuities. The probability of a future payment is based on assumptions about the person's future mortality which is typically estimated using a life table. Life insurance Whole life insurance pays a pre-determined benefit either at or soon after the insured's death. The symbol ''(x)'' is used to denote "a life aged ''x''" where ''x'' is a non-random parameter that is assumed to be greater than zero. The actuarial present value of one unit of whole life insurance issued to ''(x)'' is denoted by the symbol \,A_x or \,\overline_x in actuarial notation. Let ''G>0'' (the "age at death") be the random variable that models the age at which an individual, such as ''(x)'', will die. And let ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hazard Function
Failure rate is the frequency with which an engineered system or component fails, expressed in failures per unit of time. It is usually denoted by the Greek letter λ (lambda) and is often used in reliability engineering. The failure rate of a system usually depends on time, with the rate varying over the life cycle of the system. For example, an automobile's failure rate in its fifth year of service may be many times greater than its failure rate during its first year of service. One does not expect to replace an exhaust pipe, overhaul the brakes, or have major transmission problems in a new vehicle. In practice, the mean time between failures (MTBF, 1/λ) is often reported instead of the failure rate. This is valid and useful if the failure rate may be assumed constant – often used for complex units / systems, electronics – and is a general agreement in some reliability standards (Military and Aerospace). It does in this case ''only'' relate to the flat region of the ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Failure Rate
Failure rate is the frequency with which an engineered system or component fails, expressed in failures per unit of time. It is usually denoted by the Greek letter λ (lambda) and is often used in reliability engineering. The failure rate of a system usually depends on time, with the rate varying over the life cycle of the system. For example, an automobile's failure rate in its fifth year of service may be many times greater than its failure rate during its first year of service. One does not expect to replace an exhaust pipe, overhaul the brakes, or have major transmission problems in a new vehicle. In practice, the mean time between failures (MTBF, 1/λ) is often reported instead of the failure rate. This is valid and useful if the failure rate may be assumed constant – often used for complex units / systems, electronics – and is a general agreement in some reliability standards (Military and Aerospace). It does in this case ''only'' relate to the flat region of the ba ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gompertz–Makeham Law Of Mortality
The Gompertz–Makeham law states that the human death rate is the sum of an age-dependent component (the Gompertz function, named after Benjamin Gompertz), which increases exponentially with age and an age-independent component (the Makeham term, named after William Makeham). In a protected environment where external causes of death are rare (laboratory conditions, low mortality countries, etc.), the age-independent mortality component is often negligible. In this case the formula simplifies to a Gompertz law of mortality. In 1825, Benjamin Gompertz proposed an exponential increase in death rates with age. The Gompertz–Makeham law of mortality describes the age dynamics of human mortality rather accurately in the age window from about 30 to 80 years of age. At more advanced ages, some studies have found that death rates increase more slowly – a phenomenon known as the late-life mortality deceleration – but more recent studies disagree. The decline in the human mortali ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Weibull Distribution
In probability theory and statistics, the Weibull distribution is a continuous probability distribution. It is named after Swedish mathematician Waloddi Weibull, who described it in detail in 1951, although it was first identified by Maurice René Fréchet and first applied by to describe a particle size distribution. Definition Standard parameterization The probability density function of a Weibull random variable is : f(x;\lambda,k) = \begin \frac\left(\frac\right)^e^, & x\geq0 ,\\ 0, & x 0 is the ''shape parameter'' and λ > 0 is the ''scale parameter'' of the distribution. Its complementary cumulative distribution function is a stretched exponential function. The Weibull distribution is related to a number of other probability distributions; in particular, it interpolates between the exponential distribution (''k'' = 1) and the Rayleigh distribution (''k'' = 2 and \lambda = \sqrt\sigma ). If the quantity ''X'' is a "time-to-failure", the Weibull distribution gives a d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Survival Function
The survival function is a function that gives the probability that a patient, device, or other object of interest will survive past a certain time. The survival function is also known as the survivor function or reliability function. The term ''reliability function'' is common in engineering while the term ''survival function'' is used in a broader range of applications, including human mortality. The survival function is the complementary cumulative distribution function of the lifetime. Sometimes complementary cumulative distribution functions are called survival functions in general. Definition Let the lifetime ''T'' be a continuous random variable with cumulative distribution function ''F''(''t'') on the interval [0,∞). Its ''survival function'' or ''reliability function'' is: :S(t) = P(\) = \int_t^ f(u)\,du = 1-F(t). Examples of survival functions The graphs below show examples of hypothetical survival functions. The x-axis is time. The y-axis is the proportion o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortality Rate
Mortality rate, or death rate, is a measure of the number of deaths (in general, or due to a specific cause) in a particular population, scaled to the size of that population, per unit of time. Mortality rate is typically expressed in units of deaths per 1,000 individuals per year; thus, a mortality rate of 9.5 (out of 1,000) in a population of 1,000 would mean 9.5 deaths per year in that entire population, or 0.95% out of the total. It is distinct from "morbidity", which is either the prevalence or incidence of a disease, and also from the incidence rate (the number of newly appearing cases of the disease per unit of time). An important specific mortality rate measure is the crude death rate, which looks at mortality from all causes in a given time interval for a given population. , for instance, the CIA estimates that the crude death rate globally will be 7.7 deaths per 1,000 people in a population per year. In a generic form, mortality rates can be seen as calculated using (d/ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Random Variable
A random variable (also called random quantity, aleatory variable, or stochastic variable) is a mathematical formalization of a quantity or object which depends on random events. It is a mapping or a function from possible outcomes (e.g., the possible upper sides of a flipped coin such as heads H and tails T) in a sample space (e.g., the set \) to a measurable space, often the real numbers (e.g., \ in which 1 corresponding to H and -1 corresponding to T). Informally, randomness typically represents some fundamental element of chance, such as in the roll of a dice; it may also represent uncertainty, such as measurement error. However, the interpretation of probability is philosophically complicated, and even in specific cases is not always straightforward. The purely mathematical analysis of random variables is independent of such interpretational difficulties, and can be based upon a rigorous axiomatic setup. In the formal mathematical language of measure theory, a random var ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
