Survival function, hazard function and hazard rate
One of the following statements is
. Which one?
Answer the question
The survival function describes the proportion of observations who are still alive (or, for example, in a customer relationship, the proportion of customers who haven't churned yet), depending on their time under observation.
The hazard rate describes the risk that an event occurs within a very small period of time (provided that it hasn't occured yet).
The longer the time under observation, the higher the hazard rate becomes, i.e., the risk that an event occurs increases.
The cumulative hazard function describes the cumulative risk until time t.
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