The process used to calculate failure rates for IC chips

Read the below paragraph and write your opinion of about 125 words with references.
I work as an analog engineer in an IC design company and our chips are intended for use in high-performance computing applications, making it crucial to ensure its reliability and longevity. Below I describe the process used to calculate failure rates.
To begin the failure rate calculation, we collect data from various sources, including accelerated life testing (ALT), field returns, and historical failure data from similar products. ALT involves subjecting sample chips to extreme temperature and voltage conditions to accelerate aging and simulate real-world stresses. Field returns data provided insights into the chip's performance in actual operating environments.
Next, we identify the total number of chips produced, denoted by "N," and the number of failures observed during ALT and field usage, denoted by "F." By dividing the number of failures by the total number of chips tested, we calculate the failure rate during ALT.
Additionally, we determine the number of failures per unit time from the field returns data. Using this information, we can calculate the field failure rate. Comparing the failure rates from ALT and field returns allows us to adjust the ALT data to better represent the chip's expected failure behavior in real-world conditions. To account for uncertainties and variations in the data, we use statistical methods such as Weibull analysis. This analysis helps us to model the failure rate curve over time and predict the chip's reliability under normal operating conditions.
Lastly after comprehensive analysis and verification, we share the failure rate calculations to the design and product teams. This information played a critical role in guiding design improvements and setting reliability goals for the chip.