Production Machinery Maintenance Cost Optimization: A Review

Abstract: This paper aims to review the literatures on production machinery maintenance in order to reveal the potential cost components and information on cost optimization of maintenance. We start with reviewing contemporary and past literatures on production machinery maintenance. We studied more than 100 scientific publication including journal papers, books, case studies in the relevant field. Study plan focused on the concepts, cost elements, and strategies of maintenance. A special attention was given to collect mathematical models for estimating maintenance cost with evaluation of the challenges and opportunities. This study developed a model for evaluating maintenance cost for achieving economic sustainability. Findings reveal the components of maintenance cost include maintenance management, spare parts related cost and skill level of maintenance personnel are indeed significant (p<0.05) for achieving cost optimization. The findings of literature also indicate in the past, major emphasis was given on maintenance management, and less emphasis was given to maintenance cost issue and cost optimization. In this aspect, this study is designed to fill this gap. Model developed from this study would contribute to industrial policy makers to formulate strategies in cost optimization in the aspect of machinery maintenance. The findings of this study would serve as foundation for future study on maintenance cost optimization to contribute to achieve economic sustainability. The core value of this paper is providing the important findings on significant contribution of maintenance cost elements and cost optimization which previously did not get the right attention.