What Is Failure Rate (λ) in Reliability Engineering? Definition of Failure Rate in Instrumentation Systems Failure rate (λ) indicates how often a repairable part or system is expected to fail per unit time while it is operating. It’s the instantaneous likelihood of failure during the “useful life” period and is the mathematical inverse of MTBF. … Continue reading Failure Rate (λ) Calculator for Process Instrumentation and Industrial Maintenance