Why We Need Probability Distributions With Periodic Failure Rates In Reliability And Risk

We discuss situations in real life where probability distributions with periodic failure rates should be considered. This discussion leads us to a new class, called Almost-Lack-of-Memory (ALM) probability distributions. We explain the structure of these distributions, and list some of their important properties. One of the main properties is its periodic failure rate. Throughout this article we notice some areas of possible applications of these distributions, and relate applications to the properties of these distributions. However, periodic variability also is observed. This may be another interesting continuation of this study.