MTBF or mean time between failures is a theoretically calculated value which considers all the components used in the construction of a measurement device. It may also be a statistically calculated value derived from real operational data collected from a sufficient sample quantity of devices.
There is a standardise procedure that engineers use to determine the MTBF value which allows you to compare different devices of similar type to help determine which is likely to have the longest service life.
The actual in-service MTBF may differ considerably from the theoretical MTBF since the formula for calculating MTBF cannot consider all the variables that the product will be exposed to over the service life of the device.
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