The table below illustrates the potential financial benefits associated with detecting machine failure conditions timeously. Through early detection of failure conditions cost savings are made by eliminating a certain amount of unscheduled downtime due to break-downs, and by replacing costly unscheduled down-time with scheduled maintenance down-time work that is less costly.
1. Cost saving due to elimination of unscheduled down time
Probability that a potential failure condition is detected - conservative
Cost of unscheduled down time due to failure (cost/hour)
Current unscheduled down time (hours per year)
Fraction of unscheduled down time that could be eliminated by early detection of failure condition
2. Further cost saving due to unscheduled down time replaced by scheduled down time
Cost of scheduled down time (cost/hour)
Current scheduled down time (hours per year)
Fraction of unscheduled down time that could be replaced by scheduled down time due to early detection of failure condition
Total cost saving
3. Secondary savings - quantifiable as a general saving
Secondary damage ratio (Failure repair cost vs Preventive repair cost)
Secondary cost saving - resources applied more effective to perform preventive work
Extend life of machine
Employee pride and moral improve
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