An engineering approach to Bayes estimation for the Weibull distribution

In this paper an engineering approach to Bayes reliability analysis of Weibull failure data collected under a randomly censored sampling is proposed. The posterior distribution of several decision variables, such as the meanlife, the reliability function, the reliable life, and the hazard rate, are derived, when either a prior information on the reliability or a prior information on the hazard rate is available. Point estimates of the selected decision variables are given, by assuming both symmetric and asymmetric loss functions. Finally, numerical examples are presented to illustrate the proposed estimation procedures.