Answered: Define the term Equipment Replacement?

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Define the term Equipment Replacement?

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Equipment replacement:

The process of equipment replacement is the process of replacing a piece of faulty or broken-down equipment so that the normal processes take place in a production environment. The replacement of equipment in an organization is often an important strategic decision faced by an organization. This is because purchasing new equipment will often lead to more cost and can affect the productivity and effectiveness of an organization. It is also difficult to purchase the same kind of equipment as there will be some modifications and individuals working on the equipment will require additional training.

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