Costs in Project Management – Costs associated with the Projects
Types of Costs The following are the costs associated with the projects. Direct costs Any costs that are directly attributable to the work on the project. These can include the salaries paid to the resources, the billing rate of the resources and costs of the software and hardware that are used for building the website […]
Development of Services that Support International Business
Ecosystem of Services Any business in order to function and grow needs an ecosystem of suppliers, vendors, and infrastructure that supports the operations of the business. For instance, if a certain company wants to setup its operations in a particular place, it needs land, roads, water and power supply, and vendors and suppliers to supply […]
Is a Pollution Tax Worth it ?
Washington DC has seen several proposals for strange regulations. The latest one of these suggestions is a pollution tax. Many people believe that levying a tax may be the solution to eradicating the problem of climate change gradually. The world in general and Washington DC, in particular, wants to get rid of high levels of […]
Vendor Managed Inventory (VMI) – A collaborative Supply Chain Concept
As the name suggests, VMI stands for Vendor Managed Inventory. VMI involves a collaborative and continuous inventory supply owned, managed and replenished by the Manufacturer right up to the last stocking point or point of sale to end customer. VMI concept is widely being used by companies both as procurement business model and FG supply […]
Drug Counterfeiting in India
The Indian pharmaceutical market is huge, and drugs worth billions of dollars are manufactured and sold every year in India. Some of these drugs are sold locally, and some are exported abroad. India is the fourth largest pharmaceutical market in the world whereas it is also the largest exporter of pharmaceutical drugs worldwide. This rapidly […]
Plant and machinery in the initial days always perform to their fullest capacity but as time goes with regular wear and tear, this becomes increasingly difficult. If proper and regular maintenance is undertaken than production capacity can be maintained at a more or less same level.
Maintenance also requires replacement decisions. Replacement is a substitution of existing fixed asset with a new asset, which may enhance features capable of performing similar function. The need for replacement may arise because of normal use, obsolescence, early service failure, destruction, etc.
Maintenance is defined as a process in which working condition of plant or machinery is maintained at the optimum level as to give maximum output. Maintenance is done through repair, partial replacement and total replacement. Following is the significance of the maintenance policy:
If organizations are not able to implement an effective maintenance policy than it can result in the following results:
Maintenance management is process where available resources are regulated in a manner that plant and machinery can perform at specific levels. Maintenance management involves planning, scheduling and execution of maintenance-related activities. The main objectives of the maintenance management are as follows:
The maintenance department is responsible with planning and scheduling of maintenance in line with the requirement and expectation of the organization. Planning and scheduling needs to ensure that business as usual is not disturbed.
The following are key points to plan maintenance:
The need to schedule maintenance can be best described as follows:
From above it can safely be concluded that it is very critical for company to have a robust and effective maintenance and repair policy.
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