Requirements of an economic approach to maintenance

The concept of applying basic economic principles to minimize the life-cycle cost of product or system development is outlined. The costs and benefits of alternative programs during the design phase are considered and the economic impact of reliability, maintainability, and availability is included. The activities necessary to maintain a finished system are then considered and an approach for maximizing the return on the maintenance investment is outlined. The paper concludes with general comments on system deployment and some organizational considerations.