CBM is more costly to implement than the more traditional approaches such as age‐ or usage‐based maintenance. Build an economic model that will help in deciding whether CBM is the better approach or not and discuss the limitations of the model.
Data from sensors are affected by sensor noise. A sequence of n observations is taken of a signal. How would you calculate the error term and obtain an estimate based on the data together with its confidence limits? Hint: Assume that the errors due to noise are IID and normally distributed.
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