Long-Term: Considering Total Cost Of Ownership

Wednesday, March 2, 2016 @ 03:03 PM gHale

Facilities can right size their safety systems by considering nuisance trips, maintenance costs and other related issues.

Purchasing a safety system is one of the most important choices that oil refineries, chemical processing and nuclear power facilities face.

The safety of personnel and the environment is a priority but facilities must weigh their benefit cost justification.

Evaluating cost should go beyond initial purchase price; rather, it should minimize the total amount a facility might pay – cost of ownership — over the life of the system. Companies must balance these short- and long-term concerns.

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