Affordability is the extent to which something is affordable, as measured by its cost relative to the amount that the purchaser is able or willing to pay. It represents a conclusion drawn from an analysis of the “total life cycle cost” of a product/system that its purchase will cost-effectively meet the long term requirements of the customer.
There are those who would argue that the costs of reliability activities associated with developing new products have little payoff. Whether we’re talking about commercial products or military systems, we don’t agree. Concepts like Life Cycle Costs, Total Ownership Costs, Reliability-based Maintenance, Performance-Based Logistics, and others clearly recognize the contribution of reliability activities in reducing… Read More