@sajithsadasivan,
First answer how many ways to get two failures out of three draws (vombinations)
Call F a bad part draw and G a good part draw since there are so few I'm just going to count
FFG FGF GFF 3 combinations*
now do the with and without replacement probabilities on a single series of draws.
w/o replacement 6/25*5/24*19/23
w replacement 6/25*6/25*19/25
multiply the number of combinations by the probability on a single draw;
Rap
* there's a general routine called combinations that comes from the binomial coefficients
http://en.wikipedia.org/wiki/Combination.
In this case it can be calculated by n!/(k!*(n-k)!) where n=3 and k=2