| Name: |
Renewal
|
| Acronym: | |
| Type: |
Glossary Item |
Definition:
The cost effective return to _as new_ condition through a production based process such as overhaul or major replacement.
Moderator's Comment:
Renewals address any decreasing cost effectiveness of an existing ?examine and repair? routine maintenance strategy caused by loss of general condition of the asset. These actions are inherently driven by cost benefit analysis based around risk.
Resource:
- Reference
- AMC Asset Management Fundamentals
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