Asked by Destinee Miller on Jul 05, 2024
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When identifying the optimal maintenance policy, the cost of inventory maintained to compensate for the downtime is a cost often ignored.
Optimal Maintenance Policy
The most efficient and effective strategy for maintaining equipment or systems, balancing costs with downtime and operational performance.
Inventory
The total amount of goods and materials held by a business to support production, future sales, or servicing.
Downtime
The period during which an equipment, system, or service is not operational or functional, often resulting in productivity or revenue loss.
- Understand the full cost view of maintenance and its impact on maintenance policy decision-making.
Verified Answer
Learning Objectives
- Understand the full cost view of maintenance and its impact on maintenance policy decision-making.
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