Finances Associated with Implementation of Condition Monitoring System and Its Payback Duration
Journal Title: International Journal of Modern Research In Engineering & Management. - Year 2019, Vol 2, Issue 4
Abstract
Most manufacturers are facing a push on cost due to few factors. These tough times on our economy plus global recession has cornered the manufacturers in either reducing the quality of product or in some cases reduction in some services. The impact of this is highly observed in markets like ours where we already have to face cost deviations and sudden cost jumps in industrial utilities such as, (gas, electricity, oil) and even the availability at times is hard to maintain which increases cycle time, down time thus inducing extra labor cost and co-related increases, so in order to compete internationally we need to use advanced systems which reduces costs rather than cutting back on things. Condition based monitoring have achieved greater acceptance over the years but the actual returns and payback is not understood clearly which puts the idea and adoptability at doubts this research work has marked the importance of understanding need, benefits and payback of the implementation cost of condition-based monitoring system including buying the equipment Vibxpert 2. This work is based in manufacturing organization and after calculating all the costs which were incurred in implementing conditionbased monitoring. It was found that in 5 years and 2 months the cost of implementing condition-based monitoring will be paid off.
Authors and Affiliations
Engr. Sajid Nawaz Khan
Keywords
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