Using Lifecycle Cost (LCC) Analysis to Evaluate Reliability Alternatives
This engineering on-line PDH course will describe the steps involved in performing Lifecycle Cost (LCC) analysis when comparing typical methods for improving reliability.
The three typical methods used for improving reliability performance (do nothing, immunity and prevention) all have a variety of costs that occur at different times over the life of the asset. LCC is used to acknowledge those differences and accurately monetize them so they can be accurately compared. In addition to the methodology used when creating an excel spreadsheet used for making accurate comparisons, this course identifies the cost elements that should be included to ensure that the analysis is comprehensive. It also describes the method used to account for the time value of money so costs covering the entire life of the alternatives can be accurately monetized.
The issues discussed in this course will be particularly useful when dealing with large fleets or high revenue assets in which poor performing components must be replaced with a high degree of confidence that they will solve current problems while not introducing new ones. An alternative to installing new more robust components is to perform Predictive and Preventive Maintenance over the life of the asset. This process will describe the method needed to select the most cost effective approach.
This 3 PDH course is intended for mechanical, electrical or any engineering discipline assigned the role of reliability engineer for a company, a plant or a fleet of mobile assets.
This PE continuing education course is intended to provide you with the following specific knowledge and skills:
- Learning the elements that must be included in the LCC analysis
- Understanding how the comparative analysis is assembled to perform the analysis using an Excel spreadsheet
- Learning how to calculate the risk of failure focusing specifically on both the impact of the failure and the likelihood of occurrence
- Familiarization with the presentation of the analysis in a way that both ensures credibility of the analyst and secures the approvals needed to make changes that will result in tangible improvements
Upon successful completion of the quiz, print your Certificate of Completion instantly. (Note: if you are paying by check or money order, you will be able to print it after we receive your payment.) For your convenience, we will also email it to you. Please note that you can log in to your account at any time to access and print your Certificate of Completion.