What illustrate and explain the traditional view and modern view of maintenance cost?

Answer 1

The traditional view of maintenance cost focuses on it as a necessary expense, primarily viewed as a cost that detracts from profits, leading to a reactive approach where maintenance is performed only when equipment fails. In contrast, the modern view sees maintenance costs as investments that can enhance efficiency, prolong asset life, and improve overall performance through proactive strategies like predictive and preventive maintenance. This perspective emphasizes the value of maintaining assets in optimal condition, ultimately leading to cost savings and increased productivity. Thus, the modern approach advocates for integrating maintenance into the overall business strategy to maximize return on investment.