Chapter 3. A Cost-Effective Approach to Quality, Reliability and Safety
3.1. Reliability and Optimum Cost
In Section 3.3 manufacturers’ quality costs are discussed. However, the costs associated with acquiring, operating and maintaining equipment are equally relevant. The total costs incurred over the period of ownership of equipment are often referred to as life-cycle costs. These can be separated into:
Acquisition cost: capital cost plus cost of installation, transport, etc.
Ownership cost: cost of preventive and corrective maintenance and of modifications.
Operating cost: cost of materials and energy.
Administration cost: cost of data acquisition and analysis.
They will be influenced by:
Reliability : determines frequency of repair
determines spares ...
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