Don Lifke, Research & Development Engineer / Statistician, Sandia National Labs
The powerful Reliability Platform in JMP® is often overlooked and underutilized. This talk demonstrates some of the basics of the Reliability Platform in JMP by answering the seemingly simple question, "How long will my retirement endure?" Why 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 and historical data from retirees. Uncertainties of this prediction were also quantified. The optimum retirement age was addressed, considering that retiring earlier draws less income for a longer period. In addition, JMP was used to visualize the employer's retirement tool to optimize the most financially desirable retirement age and explore the most enjoyable chapter of life — retirement!
