How Countries Can Reduce Tax Evasion?
Tax Evasion vs. Tax Avoidance Tax evasion and tax avoidance are often used interchangeably. However, there is a huge difference between the two terms. Tax evasion is a criminal activity. In most countries, tax evasion would attract a jail term. Evasion is usually done by not reporting income or overstating expenses. However, tax avoidance is […]
Why Wealth Tax has been Abolished All Over the World?
Taxation is a hotly debated subject all over the world. There are supporters of capitalism who already believe that the rich are being taxed too much. On the other hand, there are supporters of socialism who cite increasing wealth disparity and argue that the rich should be taxed even more. The idea that the rich […]
What is Stratification ?
Stratification is used mostly in the define stage of a six sigma project. When to use the stratification technique is still on the decision of the people involved in the project. However fairly good cues are given by the fact that the spread of the data is too large. If the points are scattered all […]
What is Health Insurance and the Different Health Insurance Systems around the World
Health Insurance around the World All of us would have heard the term Health Insurance in some form or the other and most of us would have taken health insurance policies to protect ourselves and our families from the prohibitive costs of healthcare. However, health insurance is a term that is actualized in practice differently […]
The Opportunities and Challenges of Project Management in Virtual Workplaces
Why Project Managers Might Find Managing Remote Teams Challenging As workplaces became virtual and employees started working from home due to the Covid 19 Pandemic, organizations found that there are many challenges in managing such virtual workforces. For instance, Project Management is challenging when managers cannot meet employees face to face and instead, have to […]
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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