ORGANIZATIONAL COST OPTIMIZATION THROUGH EFFECTIVE MAINTENANCE AND REPLACEMENT PRACTICES: REVIEWS

E. O. Oyatoye; J. E  Ekpudu; T. V. O. Fabson

E. O. Oyatoye Department of Business Administration, University of Lagos, Nigeria.
J. E Ekpudu Department of Business Administration, University of Lagos, Nigeria.
T. V. O. Fabson Department of Business Administration, University of Lagos, Nigeria.

Keywords: Maintenance, Replacement, Cost Optimization, Total Productive Maintenance, Total Quality Management

Abstract

Organisations within a similar field of operations across the globe are faced with stiff competition creating dwindling return on investment. This study reviewed recent articles to discuss different ways in which strategic maintenance and replacement practices can stimulate cost optimization. The importance of total productive maintenance (TPM) and total quality management (TQM) theories was considered as tools to address challenges across staff levels, and their effect on the organisation cost optimization, other theories discussed were replacement theory and reliability theory that when properly applied can assist organisations to achieve cost optimization.