Product Safty Engineering A Explain what would be meant by t

Product Safty Engineering:

A. Explain what would be meant by the life cycle cost for safety. What type of cost would they include?

B. Discuss the types of activities during product development and manufacture which would be attributed to accident prevention and would require funds for accomplishemnt.

Please do no write your answer in a paper. Write here please!!

Solution

Sum of all recurring and non-recurring costs over the full life span or a specified period of a good, service, structure, or system. In includes purchase price, installation cost, operating costs, maintenance and upgrade costs, and remaining (residual or salvage) value at the end of ownership or its useful life.

Owners, users and managers need to make decisions on the acquisition and ongoing use of many different assets including items of equipment and the facilities to house them. The initial capital outlay cost is usually clearly defined and is often a key factor influencing the choice of asset given a number of alternatives from which to select.

The initial capital outlay cost is, however, only a portion of the costs over an asset’s life cycle that needs to be considered in making the right choice for asset investment. The process of identifying and documenting all the costs involved over the life of an asset is known as Life Cycle Costing .