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Simple Time-to-Failure Estimation Techniques for Reliability and Maintenance of Equipment

In 1979, MIT produced a report on maintenance with a focus on tribology. They estimated that $200 billion US dollars were

spent on the direct costs associated with reliability and maintenance (R&M) [1]. At the time it was also estimated that over

14% of the 1979 gross domestic product (GDP) was lost opportunity due to improper R&M practices [2]. This level continued

to increase as the industrial infrastructure aged, as well as other reliability-based reasons, to over 20% of the US GDP, or over

$2.5 trillion in lost business opportunity [3]. This is greater than all but the top three economies in the world! At this time it is

estimated that the R&M industry is approximately $1.2 trillion in size with up to $750 billion being the direct cost of breakdown

maintenance (reactive) or generally poor, incorrect or excessive practices [4]…TTFE IEEE Paper

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