Inspection refers to the act of closely examining a machine or equipment in order to identify any faults or errors. It involves a thorough evaluation of the item to ensure that it is in proper working condition and does not have any defects. This process is crucial for maintaining the performance and safety of the machine or equipment. By conducting regular inspections, potential issues can be detected early on, allowing for timely repairs and preventing any further damage or breakdowns.

Maintenance refers to a set of organized activities that are carried out to keep an item in its best operational condition with minimum cost required. It involves regular inspections, repairs, and preventive measures to ensure the item's optimal performance and longevity. By conducting maintenance activities, potential issues and breakdowns can be identified and addressed early on, reducing the risk of accidents and costly repairs. Good maintenance practices also contribute to safety and good housekeeping, as a well-maintained item is less likely to pose hazards and is more likely to be kept clean and organized. The 7 S framework is unrelated to this explanation.

Running maintenance refers to the maintenance activities that are carried out while the machine or equipment is still in operation. These activities are performed before the actual preventive maintenance activities take place. Running maintenance is important as it helps to ensure the smooth functioning of the equipment and prevents any breakdown or major issues. It includes tasks such as lubrication, cleaning, inspection, and minor repairs that can be done without shutting down the machine. By performing running maintenance, the overall maintenance process becomes more efficient and reduces the risk of unexpected breakdowns.

Predictive maintenance is a type of maintenance that focuses on predicting failures before they happen. It involves analyzing data and using techniques like condition monitoring to identify potential issues and root causes of failure. By identifying these issues early on, maintenance can be performed to eliminate the causes and prevent extensive damage to the equipment. This approach helps to reduce unplanned downtime and increase the overall reliability and efficiency of the equipment.

Planned maintenance refers to a proactive approach where maintenance work is scheduled to occur on a regular basis. This type of maintenance is pre-planned and scheduled in advance, allowing for efficient allocation of resources and minimizing downtime. By conducting regular maintenance, potential issues can be identified and addressed before they become major problems, reducing the likelihood of unexpected breakdowns or failures. Planned maintenance helps in maintaining equipment reliability, extends the lifespan of assets, and ensures optimal performance.

The given answer is "Return of investment or profit earned". This is because the question asks for costs associated with maintenance, and return on investment or profit earned is not a cost but rather a financial outcome or benefit. The other options listed are all costs that are typically associated with maintenance activities, such as downtime costs, cost of spares and materials, and labor and overhead costs.

The objective of maintenance is to ensure the smooth functioning and reliability of production facilities. It aims to minimize interruptions and maximize the useful life of equipment. Additionally, maintenance also focuses on enhancing the safety of manpower. However, maximizing the frequency of interruptions would be counterproductive and goes against the goals of maintenance. Therefore, this objective is not included in the list of maintenance objectives.

The given correct answer is "Breakdown." This term refers to repairs or replacements that are done after a machine has failed to return to its functional state following a malfunction or shutdown. In other words, when a machine stops working properly or completely breaks down, corrective actions are taken to fix it and restore its functionality.

Corrective maintenance refers to the organized maintenance work that is carried out to restore a failed unit. This type of maintenance focuses on fixing the issue and getting the equipment or system back to its normal functioning state. It involves identifying the problem, diagnosing the cause of the failure, and implementing the necessary repairs or replacements. Corrective maintenance is reactive in nature and is typically performed after a failure has occurred.

Overhaul refers to a comprehensive examination of machinery or a system, where repairs or changes are made if necessary. It involves a thorough inspection to identify any issues or faults, followed by necessary repairs or modifications to ensure optimal functioning. This process is typically done to improve performance, extend the lifespan, or address any safety concerns of the machinery or system.

Gradual failure refers to a type of failure where the failure mechanism is progressive. As an equipment becomes old, its performance deteriorates over time. This means that the failure does not occur suddenly or unexpectedly, but rather happens gradually as the equipment ages. This can be due to wear and tear, aging components, or other factors that gradually impact the performance and functionality of the equipment.

Preventive maintenance refers to the regular maintenance activities carried out on equipment to reduce the chances of failure. It involves routine inspections, cleaning, lubricating, and replacing worn-out parts to prevent breakdowns and extend the lifespan of the equipment. By proactively addressing potential issues before they occur, preventive maintenance helps to minimize downtime, increase equipment reliability, and reduce overall maintenance costs. It is an essential practice in industries where equipment failure can have significant consequences, such as manufacturing, transportation, and healthcare.

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Failure statistics provide valuable information regarding the life and reliability of equipment, helping to diagnose failures when they occur and aiding in maintenance policy decisions. However, they do not directly assist in converting defective equipment into salvage right away. This process would likely involve separate actions such as repair or disposal, which may be informed by failure statistics but are not a direct benefit of them.

Breakdown refers to the repairs or replacements that are done after a machine fails to return to its functional state following a malfunction or shutdown. This implies that the machine has experienced a significant failure or malfunction that requires corrective action to restore its functionality. The term "breakdown" suggests a sudden and unexpected failure, highlighting the need for immediate repairs or replacements to address the issue and restore the machine's functionality.

Gradual failure refers to a type of failure that occurs over time, where the performance or condition of a system deteriorates gradually. In this type of failure, preventive maintenance based on condition monitoring is crucial. By continuously monitoring the condition of the system, potential issues can be identified early on, allowing for timely maintenance or repairs to prevent complete failure. This approach helps to minimize downtime and extend the lifespan of the system.

Downtime cost refers to the amount of money that needs to be paid when a piece of equipment or machine is not functional or unable to work. This cost includes the loss of productivity, potential revenue, and any additional expenses incurred during the period of downtime. It is important for businesses to calculate and minimize downtime costs to ensure efficient operations and maximize profitability.

Seiton is the correct answer because it refers to the act of organizing or putting things in order. In the context of the given options, Seiton is the most appropriate choice as it aligns with the meaning provided. Seiri, Seiso, and Seiketzu have different meanings and do not specifically relate to organizing or arranging things.

Seiri refers to the practice of removing unnecessary or unwanted things or materials. This process involves sorting through items and identifying those that are no longer needed or do not add value. By removing these items, the workspace becomes more organized and efficient. This practice is essential in maintaining a clean and productive environment.