No product or service lasts forever, but how do we determine or project when a p

No product or service lasts forever, but how do we determine or project when a particular item may fail and why is this important? 
Watch the following video for ideas regarding certain “things” and their failure calculations: 

Relate these concepts to your work experience and provide an example of a product or service that the company sold or supported. How did they calculate failure rates? 
Note: 250 words with intext citations and 2 references needed.

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