Authors :
Chandrashekhar Nivrutti Wani; Prajakta Chandrashekhar Wani; Prajwal Chandrashekhar Wani
Volume/Issue :
Volume 8 - 2023, Issue 4 - April
Google Scholar :
https://bit.ly/3TmGbDi
Scribd :
https://bit.ly/3VqoEuY
DOI :
https://doi.org/10.5281/zenodo.7888929
Abstract :
The study examines the factors that influence
equipment replacement decisions, including equipment
condition, technological advancements, regulatory
requirements, and financial considerations. There is the
need of replacement of equipments for various reasons,
including technical obsolescence, wear and tear, damage,
safety concerns, changes in regulations or industry
standards. The existing research provides insight into
methodologies, models and factors used to make informed
decision about equipment replacement, with a focus on
optimizing maintenance, reliability, and cost-effectiveness.
It also highlights the importance of effective
communication, risk management, and project
management. The Methodology for replacing equipment
involves assessing the current equipment, defining
replacement requirements, developing a replacement plan,
implementing the replacement and conducting postreplacement evaluation. The replacement of equipment
improved the safety, increased reliability, and better
compliance with regulations and industrial standards.
Keywords :
Equipment Replacement, Decisions, Current Equipment, Industrial Standards.
The study examines the factors that influence
equipment replacement decisions, including equipment
condition, technological advancements, regulatory
requirements, and financial considerations. There is the
need of replacement of equipments for various reasons,
including technical obsolescence, wear and tear, damage,
safety concerns, changes in regulations or industry
standards. The existing research provides insight into
methodologies, models and factors used to make informed
decision about equipment replacement, with a focus on
optimizing maintenance, reliability, and cost-effectiveness.
It also highlights the importance of effective
communication, risk management, and project
management. The Methodology for replacing equipment
involves assessing the current equipment, defining
replacement requirements, developing a replacement plan,
implementing the replacement and conducting postreplacement evaluation. The replacement of equipment
improved the safety, increased reliability, and better
compliance with regulations and industrial standards.
Keywords :
Equipment Replacement, Decisions, Current Equipment, Industrial Standards.
