Consider five design alternatives for guitar strings. The cost and expected life of each design are presented below. The target life is 16h.
Design 1 2 3 4 5
Expected life (h) 12 15 18 19 20
Cost per item, $ 0.16 0.1 0.12 0.14 0.15
Generate five tricriteria alternatives (expected life, total cost, and probability of failure before target life), and identify efficient and inefficient alternatives. (Assume an exponential distribution function.)