Striking the Right Balance of Costs
How to Balance the Cost of Maintenance
There is not a single maintenance department that I am aware of that has an unlimited budget. If you are aware of one, please let me know as I would love to see if it is successful or not.
Since most of us do not have an unlimited maintenance budget, we need to be smart about how we spend our maintenance money. Therefore there needs to be a balance and well […]
Would you spend $100 every week to prevent a possible issue that will result in a loss of $10? Probably not, so why is that we do that with our maintenance programs every single day? Often, PM and PdM activities are put into place without any thought to the economic impact of the activity. While in theory the PM or PdM activities will prevent or mitigate the consequences of the failure, is implementing one of these activities the right thing to […]