Cost benefit analysis for maintenance of rotating machines

Cost effective maintenance of machines with fewer breakdowns of machines increases production of an organization. Selecting an appropriate maintenance strategy in wide variety of maintenance strategies generates profits. Prior art search has standalone analysis on machines or study on costs experienced in machine maintenance. Interrelated study on machines and cost incurred with maintenance of different individual parts is limited. This work explains when an industry with rotating machines should decide on PHM (Prognostic health management) with cost effective maintenance strategies. Computing, analysis of net revenue for any industry employing rotating machines with measures on improving performance of machines will be profitable. Parameters impacting machines health, failure rate of machine, shell factor, repair rate its impact on revenue of the industry, maintenance strategy which generates maximum profit are proposed. Widely used maintenance strategies i.e. corrective maintenance and preventive maintenance (PM) are reviewed using proposed Cost Benefit Analysis method. Formulated equation of revenue analysis are tested with realistic cost information of an air compressor such as cost involved in labor for repairing machine, establishment of a maintenance strategy, etc. Failure rate, repair rate, life time, etc. of reciprocating air compressor and its components are suggested. Case study on reciprocating air compressor is used to validate results.