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Preventive Maintenance
The routine maintenance and care of equipment and facilities to prevent unplanned downtime and costly repairs by addressing potential issues before they become major problems.
Service Hours
A measure of activity based on the number of hours of service provided, often used in calculating billing or costs in service industries.
Value-Based Pricing
A strategy of setting product prices based on the perceived value to the customer rather than the product's cost or market competition.
Useful Life
The estimated duration of time that an asset is expected to be usable for the purpose it was acquired.
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