What is the meaning of Machine downtime costs?
- Machine downtime costs
Machine downtime means that a machine is not running due to faults or maintenance measures such as repairs. An overarching goal of maintenance is to keep these machine downtime instances within production times as short as possible, as they incur production failure costs.
Machine downtime costs (also known as downtime costs or outage costs) are the costs incurred by an unplanned production outage.
- pagatoric costs, e.g. those incurred when resuming production operations
- and the opportunity costs; that is, the profit lost by the downtime.
They therefore depend, among other things, on the downtime period.