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This paper describes a methodology to estimate post process failure cost of downtime (COD). COD can be estimated using either historical or direct online costs (direct and restart costs) as input to the model. Application of the proposed COD estimation model is illustrated on an actual industrial process that experienced several downtime events due to voltage sags in its electric supply. Raw financial data obtained from industrial collaborators are normalized and used as an input to developed software for COD estimation. Several case studies, including influence of simultaneous manufacturing of different product variants and optimization (minimization) of COD are presented and discussed in detail.