SOLVED: You have been tasked with identifying the failure rate (𝜆) of a pump at your new facility. Fromyour team’s initial assessment, you know that the possible values of 𝜆 are defined by theprobability distribution below:𝑓0(𝜆) = (2120)2𝜆𝑒 ―2120𝜆 0 ≤ 𝜆 ≤ ∞In your facility, the pump was operated for 10,000 hours during which time it failed twice.Your supervisor wants you to update the probability distribution of 𝜆 given this new data.You must find the following:a) The new distribution o
SOLVED: You have been tasked with identifying the failure rate (𝜆) o…
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