Level: Intermediate
Don Lifke, Systems and Component Reliability Engineer, Sandia National Laboratories
The powerful Reliability platform in JMP is often overlooked and underutilized. This talk demonstrates some of the basics of the Reliability platform by answering the seemingly simple question, “How long will my retirement endure?” Why just guess at this extremely important figure when planning for retirement? Use JMP to explore this question! This was accomplished using Reliability and Survival → Fit Life by X, along with historical data from retirees. Uncertainties of this prediction were also quantified. The optimum retirement age was addressed, considering the fact that retiring earlier draws less income, but for a longer period. In addition, JMP was used to model and more simply visualize the employer’s retirement planning tool to optimize the most financially desirable retirement age. Come join me in exploring the most enjoyable chapter of life – retirement!
