Assignment:
A typical retail transaction consists of several smaller steps, which can be considered components subject to failure. A list of such components might include:
Let the eight probabilities of success be .92, .94, .99, .99, .98, .97, .95, and .96. What is the reliability of the system; that is, the probability that there will be a satisfied customer? If you were the store manager, what do you think should be an acceptable value for this probability? Which components would be good candidates for backup, which for redesign?
Provide complete and step by step solution for the question and show calculations and use formulas.