Importance

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Abstract

An initial and maintenance cost of each component as well as a period over which to determine a total ownership cost is received. It is then ascertained whether each failed component should be repaired or replaced, and whether any component related to a failed component should be maintained. A supplier and associated initial cost is then selected for each component. The failure of each component over the period is predicted. A total ownership cost of the system is then determined by summing each component's initial cost and the maintenance cost of each failed component. The method may then repeat itself for a different supplier and associated different initial cost, until the total ownership cost is the same as or less than a target total ownership cost. The total ownership cost or a list of preferred suppliers and their associated components may then be displayed to the user.

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First Claim