A Cost-Effective Approach to Quality, Reliability and Safety
This chapter explores the relationship between the costs of improving reliability and quality and the costs of failure. The optimum cost case, with examples, is illustrated.
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 ...
With Safari, you learn the way you learn best. Get unlimited access to videos, live online training,
learning paths, books, interactive tutorials, and more.