β < 1 means infant mortality. Therefore, the reliability engineer may want to look at the PM schedule and see if these possibly impact failures. Rather than increase PM, which could introduce failures, you reduce it. This impacts PM cost as well as OEE. β > 1 means wear and tear. Therefore, the reliability engineer may want to look at the PM schedule or at condition-based monitoring options and determine if these could avoid failures.
Smaller values for η mean high failure rate in early life (63.2 percent by age η). Depending on the value for β different approaches exist to prevent the failure, but these need to be looked at before η values that are higher.
Equipment and or parts in the same class / category performing a similar function should show β and η in a similar range.