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The time T between inspection and repair of major equipment and a breakdown of the equipment...

The time T between inspection and repair of major equipment and a breakdown of the equipment in an oil platform has a lognormal distribution with a median of 6 months and a c.o.v. of 0.30.

a. In order to ensure a 95% probability that the equipment will not fail between inspections and repairs, what minimum interval between scheduled inspections and repairs that is required? [8 pts]
b. Suppose that at the time the equipment is scheduled for inspection and repair there is a major problem on another platform that requires the maintenance call to to be postponed. What is the probability that it will remain operational without breakdowns for another 2 months? [8 pts]

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