The equation for calculating failure rate is:

The failure rate is calculated and stored in failures per hours. In the System file properties, General > Failure Rate Multiplier specifies the multiplier to use for the failure rate. The default value is 1,000,000. When this value is used, all displayed failure rates are multiplied times 1,000,000. Thus, the failure rate displays the number of failures per million hours. For more information, see General System File Properties.