Publication Date: 2023/05/03
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.
DOI: https://doi.org/10.5281/zenodo.7888929
PDF: https://ijirst.demo4.arinfotech.co/assets/upload/files/IJISRT23APR1061.pdf
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