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Overview

The total cost of ownership of an asset is often far greater than the initial capital outlay cost and can vary significantly between the different alternative solutions to an operational need. Consideration of the costs over the whole life of an asset provides a sound basis for decision-making. With this information, it is possible to:-

  • Assess future resource requirements
  • Uncover potential costs of potential acquisitions
  • Decide between sources of supply
  • Account for resources used now or in the past
  • Improve system design
  • Optimise operational and maintenance support, through more detailed understanding of input requirements over the expected life cycle
  • Assess when assets reach the end of their economic life and if renewal is required

The life cycle costing process can be simple as a table of expected annual costs or it can be a complex model that allows for the creation of scenarios based on assumptions about future cost drivers. The scope and complexity of the life cycle cost analysis should generally reflect the complexity of the assets under investigation, the ability to predict future costs and the significance of the future costs to the decision being made by the organisation.

A life cycle cost analysis involves the analysis of the cost of a system or a component over its entire life span. Typical costs for a system may include:

  • Acquisition costs
  • Operating costs
  • Cost of failure
  • Cost of repair
  • Cost of spares
  • Downtime costs
  • Loss of production
  • Maintenance costs
  • Cost of corrective maintenance
  • Cost of preventative maintenance
  • Cost of predictive maintenance
  • Disposal costs

This course take delegates through the six steps of LCC which are “Problem Definition”, “Cost Elements definition”, “System Modelling”, “Data Collection”, Cost Profile Development” and “Evaluation”.

 

Who Should Attend

• All plant Engineers engaged in maintenance, turnarounds and minor projects
• All project personnel involved in the project design and management
• Plant financial personnel
• Contractor personnel involved in plant maintenance and projects

Key Learning Points Include:

• To make plant personnel aware of theimportance of overall equipment availability atthe least cost
• To share financial principles to enable engineers to arrive at the least cost options in solving technical problems
• To enable project managers/engineers to justify higher initial cost where lower overall life cycle cost and higher reliability result
• To make all participants aware of the time value of money and the Cost of Non Conformance (PONC)

 

Endorsed by:

  

   

 

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For further information of this course, please email to info@opuskinetic.com