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In the late 1940s, Clement Atlee and the Labour Party enacted reforms that created
Preventative Maintenance
A maintenance strategy involving regular, routine checks, servicing, and repairs to prevent potential problems and ensure equipment continues to operate efficiently.
Breakdown Cost
The expenses incurred when a machine or system fails, including repair costs, lost productivity, and potential penalties for delayed deliveries.
Likelihood of Breakdown
The probability or chance that a system or component will fail to perform its intended function.
Component Reliability
A measure of the likelihood that a component will perform its required function under specified conditions for a certain period without failure.
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