Cost effectiveness

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Categories: Terms

Referring to a favorable cost-benefit ratio; the criterion of task effectiveness in preventing any functional failure that has economic, but not safety, consequences (see effectiveness criterion).

Inherent reliability characteristics
The design characteristics of an item that determine its inherent level of reliability, including the characteristics that determine the feasibility and cost effectiveness of scheduled maintenance.

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About Fred Schenkelberg

I am the reliability expert at FMS Reliability, a reliability engineering and management consulting firm I founded in 2004. I left Hewlett Packard (HP)’s Reliability Team, where I helped create a culture of reliability across the corporation, to assist other organizations.

About Fred Schenkelberg

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