Survival models are very important because they give you detailed information about when and how likely things are to happen. This is necessary for planning, making decisions, and managing risks.
You can deal with potential problems before they get out of hand if you can correctly predict when something like equipment failure, customer turnover, or a medical condition is likely to happen. This foresight lets you take preventative steps, make the best use of resources, and take advantage of chances, all of which lead to better results and lower costs.
Survival models are advantageous when knowing how long something will take to happen can have a direct effect on strategy. With these models, you can make smart, data-driven decisions that boost your productivity.
