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Supply Chain and Operations Management Glossary (F)

Failure rate curve: A curve that plots a machine’s probability of failure in the next small interval of time, given that the machine has not yet failed. If the time to failure has an exponential distribution, then the failure rate curve is constant. See also: MTBF, IFR, DFR, and bathtub curve. FASB (Financial Accounting Standards Board): An independent board for setting standards for reporting financial information by firms. These standards specify such things as what and when items can be claimed as income or expense. Tel: 203-847-0700. These standards are officially recognized by the SEC and the ICPA. FEA (Finite Element Analysis): A…

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