A component has a lognormal failure time distribution with parameters = 3.0 and = 0.5.

Question:

A component has a lognormal failure time with parameters μ = 3.0 and σ = 0.5.
(a) What is the probability that the component is still operating at time 50?
(b) What is the probability that the component fails before time 40?
(c) What is the mean time to failure of the component?
(d) What is the median failure time?
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...