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Question 4.SP.1: A product design engineer must decide if a redundant compone...

A product design engineer must decide if a redundant component is cost-justified in a certain system. The system in question has a critical component with a probability of .98 of operating. System failure would involve a cost of $20,000. For a cost of $100, a switch could be added that would automatically transfer the system to the backup component in the event of a failure. Should the backup be added if the backup probability is also .98?

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