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Glossary

Get Your Maintenance Management Terminology Down!

Cost-Benefit Analysis

Cost-Benefit Analysis is a method of evaluating the potential costs and benefits of a maintenance operation or management decision. It is used to determine whether the proposed action is worth the investment of time, money, and resources. Cost-benefit analysis involves assessing the costs associated with the proposed action, such as labor, materials, and equipment, and then comparing them to the expected benefits, such as increased efficiency, improved safety, and reduced downtime. The analysis also takes into account any potential risks associated with the proposed action, such as the possibility of unexpected costs or delays. Cost-benefit analysis is an important tool for maintenance operations and management, as it helps to ensure that decisions are made in the best interests of the organization

Our Blogs

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19 Apr 2024

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18 Apr 2024

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17 Apr 2024

Using one term interchangeably with a similar one is common and usually occurs without ...

16 Apr 2024

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15 Apr 2024

The United States' research-performing universities and colleges have reported a ...

12 Apr 2024

Introduction Computerized maintenance management systems (CMMS) are increasingly ...

10 Apr 2024

Maintenance management has evolved into a sophisticated and complex range of skills over ...

9 Apr 2024

Introduction The world of maintenance operations continues to evolve in response to ...

27 Mar 2024

In recent years, Computerized Maintenance Management Systems (CMMS) and Enterprise Asset ...

26 Mar 2024