Hazard Tool  (Under Development)                  

Summary

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Details

"Calculating the hazard function frequently provides more insight into the process' structure than the interval histogram. The hazard function h(t) is proportional to the probability of an interval equalling t given that the interval is at least that long. A constant-valued hazard means that the probability of an event occurring is as least as likely now as it is later. The process thus has no memory over the range of intervals for which the hazard function, the intensity, is constant. If the hazard function is an increasing function, then the process becomes more 'anxious' to produce an event as the interval becomes longer. A decreasing hazard function has the opposite interpretation." (D.H. Johnson, 1996)