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Reliability Analysis

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Some researchers argue that the cost of spares is always an area where cost reduction can be of significant. With the help of suppliers and equipment vendors, purchasing department can place orders in the form of contracts or Service level agreement (SLA) that guarantee delivery lead times for the designated inventory items. It makes business sense to shift the risk concerning the cost of maintaining the inventory to the suppliers. Reliability is the probability that the plant will perform its intended function satisfactory under specified environmental and operating conditions (British standard, 2012). Reliability is the probability that the system is operating satisfactory at any given time and it depends on the reliability and the…show more content…
Yan et al (2008) & Ebeling (1997), pointed out the purpose of maintenance is to extend equipment life and minimise the frequency of service interruption. Ebeling (1997) concluded that availability is the important index of the all indices for power availability. Several maintenance types or tactics have been suggested by many authors for example (Mowbray, 1991 and Kelly, 1997). There are mainly two types of maintenance practices and these are breakdown and preventive maintenance. Breakdown maintenance requires replacement of damaged part of the equipment during unscheduled maintenance while preventive maintenance requires replacement of the components at pre-determined intervals. Condition based maintenance is used to monitor the condition of the equipment using condition monitoring technique.
There is a general belief that corrective maintenance is less economical than preventive maintenance, and all failures can then be prevented. This approach to preventive maintenance firstly wastes a lot of resources in doing unnecessary tasks which will not improve equipment or system availability and secondly it is potentially risk (Tsang,1995).Principal argument in favour of detailed and integrated asset information system that is accurate and unchallenged information is available to anyone with skills to analyse and interpret it for the benefit of a company (Sherwin, 2000).Predictive scheduling relies more on
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