Reliability Economic Analysis of a Manufacturing Plant with Varied Production

Abstract

Today s competitive environment and increased dependency of people on technology have forced the industries to introduce more and more automation in their industrial process. It is generally seen that performance of a system can be significantly improved by reduction in costs, superior workmanship, higher reliability and better production. newlineAny manufacturing industrial process must have well equipped operating systems. The manufacturing plant and the quality of items produced will suffer if these systems are interrupted. Thus, it is essential that work should in an effective manner under given circumstances. Reliability modelling plays an important role to understand the process of system. Reliability becoming more important due to its features like insistence on products quality, new regulation and laws related to product liability, to improve efficiency of equipment s and hence, system to meet its goal in terms of production/services. Reliability is degree of consistency of a measure. Thus, the importance of reliability at all stages of modern engineering processes, including design, manufacturing, distribution and operation is a must. In efficiency of an equipment, reliability acts as a vital factor. The concept of reliability has been used by different researchers since long time. newline