Repair vs Replace Decision Making with Susan Lubell

Without questions, organizations in the world need their assets to be optimal and to run efficiently. They can’t afford downtime because of the production targets they have to achieve. That is why they have to make a smart decision. They can either refurbish the assets or replace them. But the question is, when is refurbishing preferred over replacement? With refurbishment, you check the life-cycle cost of an asset. Sometimes, companies make small repairs because it’s relatively inexpensive and they can easily get the asset up and running quickly versus replacing the asset which may take time in lieu of internal approval process and purchase lead time.
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