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With the added information, can this type of problem be modeled with a single formula? If so, what is it?

What if you used the number of units that have failed since 1989 to estimate a failure rate (say, 2 units over 18 yrs = 0.111 units per year)? And we'll make up a confidence interval, say 99% of units have an expected useful life of 30 years. My gut says that Poisson can be modified to solve...

Hi guys I'm working on a project and I'm trying to put together a cost analysis for some items. I remember in University handling similar problems, but I don't remember the methodology. Here is what I'm trying to do. Given: - The age of the unit (say, 1989, so 18 yrs) - The expected useful life...