February 2018

Columns

Machinery: Making the business case for machinery upgrades

Machinery professionals are constantly searching for ways to improve the reliability or capabilities of process machines. However, the level to which improvements can be economically justified is limited.

Perez, R. X., Consultant

Machinery professionals are constantly searching for ways to improve the reliability or capabilities of process machines (FIG. 1). However, the level to which improvements can be economically justified is limited. The economical limit is governed by the law of diminishing returns, which dictates that if one input in the production of a commodity is increased while all other inputs remain fixed, a point will be reached when additions of the sole input yield progressively smaller, or diminishing, increases in output.1 FIG. 1. Machinery professionals continuously strive to improve performance, reliability and safety of their critical process machines through d

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