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Spare Part
A spare part, spare, service part, repair part, or replacement part, is an interchangeable part that is kept in an inventory and used for the repair or Refurbishment (electronics), refurbishment of defective equipment/units. Spare parts are an important feature of logistics engineering and supply chain management, often comprising dedicated spare parts management systems. Spare parts are an outgrowth of the industrial development of interchangeable parts and mass production. In an industrial environment, spare parts are described in several manner to distinguish key features of various spare parts. The following describes spare part types and their typically functionality. 1. Capital parts are spare parts which, although acknowledged to have a long life or a small chance of failure, would cause a long shutdown of equipment because it would take a long time to get a replacement for them. Capital parts are typically repaired or replaced during planned overhauls/scheduled inspect ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interchangeable Part
Interchangeable parts are parts (wikt:component#Noun, components) that are identical for practical purposes. They are made to specifications that ensure that they are so nearly identical that they will fit into any assembly of the same type. One such part can freely replace another, without any custom fitting, such as File (tool), filing. This interchangeability allows easy assembly of new devices, and easier repair of existing devices, while minimizing both the time and skill required of the person doing the assembly or repair. The concept of interchangeability was crucial to the introduction of the assembly line at the beginning of the 20th century, and has become an important element of some modern manufacturing but is missing from other important industries. Interchangeability of parts was achieved by combining a number of innovations and improvements in machining operations and the invention of several machine tools, such as the Henry Maudslay#Lathe design, slide rest lathe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Level Of Repair Analysis
Level of repair analysis (LORA) is used as an analytical methodology used to determine where an item will be replaced, repaired, or discarded based on cost considerations and operational readiness requirements. For a complex engineering system containing thousands of assemblies, sub-assemblies, components, organized into several levels of indenture and with a number of possible repair decisions, LORA seeks to determine an optimal provision of repair and maintenance facilities to minimize overall system life-cycle costs. Logistics personnel examine not only the cost of the part to be replaced or repaired but all of the elements required to make sure the job is done correctly. This includes the skill level of personnel, support equipment required to perform the task, test equipment required to test the repaired product, and the facilities required to house the entire operation. Process LORA establishes when and where each unit will be repaired and determines if it is more cost ef ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer
A consumer is a person or a group who intends to order, or use purchased goods, products, or services primarily for personal, social, family, household and similar needs, who is not directly related to entrepreneurial or business activities. The term most commonly refers to a person who purchases goods and services for personal use. Rights "Consumers, by definition, include us all", said President John F. Kennedy, offering his definition to the United States Congress on March 15, 1962. This speech became the basis for the creation of World Consumer Rights Day, now celebrated on March 15. In his speech, John Fitzgerald Kennedy outlined the integral responsibility to consumers from their respective governments to help exercise consumers' rights, including: *The right to safety: To be protected against the marketing of goods that are hazardous to health or life. *The right to be informed: To be protected against fraudulent, deceitful, or grossly misleading information, adverti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Rights Act 2015
The Consumer Rights Act 2015 (c. 15) is an act of Parliament of the United Kingdom which consolidates existing consumer protection law legislation and also gives consumers a number of new rights and remedies. Provisions for secondary ticketing and lettings came into force on 27 May 2015, and provisions for alternative dispute resolution (ADR) came into force on 9 July 2015 as per the EU Directive on consumer ADR. Most other provisions came into force on 1 October 2015. In respect of contracts under which a trader provides goods or services to a consumer, the Act replaces the Sale of Goods Act, Unfair Terms in Consumer Contracts Regulations 1999 and the Supply of Goods and Services Act 1982, making some changes to rights to return faulty goods for refund, replacement or repair, and adding new rights on the purchase of digital content. The Act is split into three parts: *Part 1 concerns consumer contracts for goods, digital content and services. *Part 2 concerns unfair t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product Defect
A product defect is any characteristic of a product which hinders its usability for the purpose for which it was designed and manufactured. Product defects arise most prominently in legal contexts regarding product safety, where the term is applied to "anything that renders the product not reasonably safe". The field of law that addresses injuries caused by defective products is called '' product liability''. A wide range of circumstances can render a product defective. The product may have a design defect or design flaw, resulting from the product having been poorly designed or tested, so that the design itself yields a product that can not perform its desired function. Even if the design is correct, the product may have a manufacturing defect if it was incorrectly manufactured, for example if the wrong materials are used. A product may also be considered legally defective if it lacks appropriate instructions for its use, or appropriate warnings of dangers accompanying norm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sale Of Goods Act 1979
The Sale of Goods Act 1979 (c. 54) is an Act of the Parliament of the United Kingdom which regulated English contract law and UK commercial law in respect of goods that are sold and bought. The Act consolidated the original Sale of Goods Act 1893 and subsequent legislation, which in turn had codified and consolidated the law. Since 1979, there have been numerous minor statutory amendments and additions to the 1979 act. It was replaced for some aspects of consumer contracts from 1 October 2015 by the Consumer Rights Act 2015c 15 but remains the primary legislation underpinning business-to-business transactions involving selling or buying goods. The act applies to contracts where property in 'goods' is transferred or agreed to be transferred for a monetary consideration, in other words: where property (ownership) in personal chattels is sold. Part I Part I (section 1) states that the act applies to contracts of sale of goods made on or after 1 January 1894. This was the date ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade Association
A trade association, also known as an industry trade group, business association, sector association or industry body, is an organization founded and funded by businesses that operate in a specific Industry (economics), industry. Through collaboration between companies within a Business sector, sector, a trade association coordinates public relations activities such as advertising, education, publishing and, especially, lobbying and political action. Associations may offer other services, such as producing conferences, setting industry standards, holding networking or charitable events, or offering classes or educational materials. Many associations are non-profit organizations governed by bylaws and directed by officers who are also members. (FEC: Solicitable Class of Trade Association, Library of Congress). In countries with a social market economy, the role of trade associations is often taken by employers' organizations, which also take a role in social dialogue. Political in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legislation
Legislation is the process or result of enrolling, enacting, or promulgating laws by a legislature, parliament, or analogous governing body. Before an item of legislation becomes law it may be known as a bill, and may be broadly referred to as "legislation" while it remains under consideration to distinguish it from other business. Legislation can have many purposes: to regulate, to authorize, to outlaw, to provide (funds), to sanction, to grant, to declare, or to restrict. It may be contrasted with a non-legislative act by an executive or administrative body under the authority of a legislative act. Overview Legislation to design or amend a bill requires identifying a concrete issue in a comprehensive way. When engaging in legislation, drafters and policy-makers must take into consideration the best possible avenues to address problem areas. Possible solutions within bill provisions might involve implementing sanctions, targeting indirect behaviors, authorizing agency ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Order Quantity
Economic order quantity (EOQ), also known as financial purchase quantity or economic buying quantity, is the order quantity that minimizes the total holding costs and ordering costs in inventory management. It is one of the oldest classical production scheduling models. The model was developed by Ford W. Harris in 1913, but the consultant R. H. Wilson applied it extensively, and he and K. Andler are given credit for their in-depth analysis. Overview The EOQ indicates the optimal number of units to order to minimize the total cost associated with the purchase, delivery, and storage of a product. EOQ applies only when demand for a product is constant over a period of time (such as a year) and each new order is delivered in full when inventory reaches zero. There is a fixed cost for each order placed, regardless of the quantity of items ordered; an order is assumed to contain only one type of inventory item. There is also a cost for each unit held in storage, commonly known as h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economies Of Scale
In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation, and are typically measured by the amount of Productivity, output produced per unit of cost (production cost). A decrease in unit cost, cost per unit of output enables an increase in scale that is, increased production with lowered cost. At the basis of economies of scale, there may be technical, statistical, organizational or related factors to the degree of Market (economics), market control. Economies of scale arise in a variety of organizational and business situations and at various levels, such as a production, plant or an entire enterprise. When average costs start falling as output increases, then economies of scale occur. Some economies of scale, such as capital cost of manufacturing facilities and friction loss of transportation and industrial equipment, have a physical or engineering basis. The economic concept dates back to Adam Smith and the idea o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
