Hazard Rate
Hazard rate is a statistical measure that represents the rate at which an event occurs in a specific time period. In data science, hazard rate is commonly used in survival analysis to model the probability of an event occurring at a particular time. It is also known as the failure rate or instantaneous failure rate. Hazard rate is calculated by dividing the probability of an event occurring in a small time interval by the length of that interval. The hazard rate function can be used to estimate the probability of failure of a system or component over time. It is an important concept in reliability engineering and is used to determine the reliability of a system or component. Hazard rate can also be used to compare the failure rates of different systems or components.
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