Deciding whether to repair or replace an asset can be difficult. That’s why maintenance and reliability managers perform an analysis to determine whether it’s more economical to repair a failing asset or replace it with a new one. This process helps minimize total costs while ensuring that your organization’s operational needs are met.

We’ll give you a step-by-step breakdown of how to perform such an analysis so you can make more cost-effective asset management decisions.

Understanding the importance of a repair vs. replace decision

Making a hasty decision in the “repair vs. replace” dilemma can have far-reaching consequences. Opting for a quick repair might seem like a cost-effective solution in the short term, but it could cost more in the long run if the asset continues to fail. And it’s likely you’ll experience lower productivity in the meantime. 

 …