Replacement Policy for Equipment Which Suddenly Fails

Replacement Policy for Equipment Which Suddenly Fails

Equipment is made up of many components which on use deteriorates with time. The effect can be seen in its performance standard and obviously on its reduced functional efficiency. These are the theoretical instances where this changes can be witnessed.

In real life scenarios, one can see machinery which has no changes in case of performance, but they may suddenly break downor precisely to be said,stop functioning. This not only creates inconvenience to users but is also causes harm to the system.

 For example, if any certain part or component of a computer, washing machine or a fridge deteriorates, it can be easily replaced as the cost associated with it will be minimal. But if the entire thing breaks down suddenly (every component fails to work), the total cost involved in it will be higher than individual cost of its parts. This is an economic loss in case of damaged products with inconvenience in the performance of entire work.

By any chance,if it were possible to know the longevity of the components, it would be easier to predict the performance period of those components or the entire equipment. In fact, the prediction could stand near to the calculations in miles or hours. This entire conceptualisation is of preventive replacement and preventive maintenance.

If atcertain intervals, equipmentare checked for its current conditions, it would be very difficult to pinpoint any possible chances of failure. Preventive maintenance is definitely a good and cheap way to bring the cost of failure to a minimum level, which also is a way to avoid many problems.

There are times when adirect inspection cannot help to estimate the time of failure for equipment. In those cases, the failure probability can be found with the help of previous experiences. One of the suggested and best ways to find the probability of failure is by finding an equipment’s MTBF (mean time between failure). By using these probabilities, it becomes relatively easier to find the surviving number of equipment or those which can fail at acertain period.

There are 2 situations where a machinery can fail without prior notice.

  1. Individual Replacement Policy

In this case, an equipment is instantly replaced when it stops functioning.

  1. Group Replacement Policy

In this case, irrespective of any failed or broken down parts of any equipment or the whole machinery in itself; they are replaced. This is done as a preventive measure so that an organisation doesn’t have to face any inconvenience due to it.


Links of Previous Main Topic:-

Links of Next Finance Topics:-

Submit Assignment

For receiving updates on WhatsApp. Zero Spam!
Please provide instructions relevant for assignment/
Click or drag files to this area to upload. You can upload up to 5 files.
Please use ZIP Folder for Multiple files.

How It Works

Customer Reviews

Ratings based on 510 customer reviews.
Trustpilot ratings
Google Ratings