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Lecture 3

GMS 401 Lecture 3: GMS 401 Lecture 3/ Powerpoint notes

9 Pages

Global Management Studies
Course Code
GMS 401
Payman Ahi

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GMS 401 Lecture 3 Maintenance and Reliability Outline: Strategic Importance of Maintenance and Reliability o Definitions (Maintenance, Reliability, Failure) o Important Tactics o Maintenance and Reliability Management System Reliability o System with Series Components o System with Parallel Components (i.e., Providing Redundancy) o System with Combination of Series and Parallel Components System Product Failure Rate Strategic Importance of Maintenance and Reliability Objective of Maintenance and Reliability: To maintain the capability of the system System should be designed and maintained to reach expected performance and quality standards Good maintenance removes variability (i.e, variability corrupts processes and creates wastes) Strategic Importance of Maintenance and Reliability Maintenance: All activities involved in keeping a systems equipment in working order. Reliability: The probability that a machine, part, product or system will function properly for a specified time under stated condition Failure: Situation in which a machine, part, product or system does not perform its function. Potential farreaching implications of a system failure: o Operation o Profits becoming losses o Reputation o Reduced value of o Profitability investment in plant and o Dissatisfied customers equipment o Idle employees
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