 Perry–Robertson formula

The Perry–Robertson formula is a mathematical expression used in the field of risk assessment, specifically in the context of predicting the probability of certain events based on observed data. It is particularly prominent in the analysis of failure rates in engineering and reliability studies. The formula combines elements of Bayesian statistics and the Poisson distribution, allowing for the estimation of the rate of occurrence of rare events. This makes it particularly useful in fields like reliability engineering, where predicting failures or incidents is crucial.