Why are Companies Constantly Upgrading their ERP Systems?
February 7, 2025
Bankruptcy is one of the natural states which a company may find itself in. Entrepreneurship is primarily about taking risks. When companies take risks, some of them succeed, whereas others fail. Hence failure is a natural part of the business. However, many critics of bankruptcy laws believe that there isn’t a need for an elaborate […]
What is the Wirecard Scandal all about and Why it is a Wakeup Call for Whistleblowers Anyone who has been following financial and business news over the last couple of years would have heard about Wirecard, the embattled German payments firm that had to file for bankruptcy after serious and humungous frauds were uncovered leading […]
How Modern Decision Makers Have to Confront Present Shock and Information Overload We live in times when Information Overload is getting the better of cognitive abilities to absorb and process the needed data and information to make informed decisions. In addition, the Digital Age has also engendered the Present Shock of Virality and Instant Gratification […]
Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]
In the previous article, we have already come across some of the reasons why the government should not encourage funding of stadiums that are to be used by private franchises. We have already seen that the entire mechanism of government funding ends up being a regressive tax on the citizens of a particular city who […]
Product quality determines the success with the product. One of the key drivers of quality is the performance of the product over a period of time. Performance of product is determined by the reliability and redundancy. Reliability increases the efficiency while redundancy increases the current capability and expectations.
Any production organization sets a goal of achieving production efficiency and ability to operate at an optimum level at all the time. Furthermore, the production should be achieved with a least level of wastage.
Production reliability is dependent upon speed, quality and time availability. Equipment failure leads to outage and frequent breakdown, which affect the quality of the products. Frequent machine breakdowns also decrease production speed thus affecting time availability. Theoretically, it is recommended to set employees with a goal of reliability.
Important characteristics of reliability are as follows:
Reliability is divided into two main parts, and they are as follows:
It has been observed that reliability increases if regular maintenance is undertaken.
Redundancy is defined as an addition of information, resource and time to the existing product or system than required for its optimum performance. Redundancy is of following types:
From the above it can be concluded that redundancy provides extra reliability to product and systems. It helps prevention of decline in performance without direct manual intervention. The importance of the redundancy increase even more when system or product is performing a critical, sensitive and complicated task.
Redundancy is sometimes accompanied with failure. These failures are function failure and reliability failure. Functional failure is observed from the start of product life, and it is caused by production or raw material defect. Reliability failure is observed after usage over period of time.
Reliability is measured through reliability index and failure rate. Reliability index is defined as the ratio of production losses to the loss per production loss. Failure rate is defined as the number of failure per unit time, which decreases initially with passage of time.
Total quality management philosophy talks about producing consistent quality of product over a period of time. Redundancy production increases overall cost of production as the extra effort is put into maintaining targeted quality.
Your email address will not be published. Required fields are marked *