Sarfraz Ali Quadri

Research Scholar, Mechanical Engineering Department, JNEC, MGM University

Dhananjay R Dolas

Associate Professor, Mechanical Engineering Department, JNEC, MGM University

Abstract

In engineering disciplines reliability, maintainability and product life cycle cost optimization has become the focused area of interest. Today in the global economy and especially post pandemic world, the procurement decisions for many products are not only based on initial purchasing cost but on their total life cycle cost. In order to perform an effective life cycle cost analysis of any given product all its aspects like design, manufacturing and maintainability are important but more focus should be on the systems reliability for accurate evaluation. It is well established that reliability and life cycle cost analysis helps to improve Performance and minimize costs of the system but It is of utmost importance that a suitable model is selected for analysis in order to minimize error in end results without which the whole process bears no actual benefits. In response to the increasing awareness of product reliability and cost, numerous techniques have been advocated as methodologies best suited to address the need for improved reliability or cost estimates. Despite the availability of diverse approaches to product reliability and cost predictions, little work on integrating life cost modelling and reliability analysis has been done. The objective of the proposed study is to provide a roadmap for managers and maintenance engineers to effectively estimate life cost of the system and ways to optimize it by reliability technique.

Keywords- System Reliability, Life Cycle Cost, Cost Model, manufacturing industry etc.