Product Design - Reliability Based Total Cost of Ownership Approach

System engineering principles suggest that the best design is one that can maximize the system effectiveness and minimize the total cost of ownership.Superior product performance, quality and reduced cost of ownership are the results of effective, efficient engineering and design. If the engineer is to control the cost and performance of the product, its is essential to understand the impact of parameters of various costs incurred during the life time and reliability of the product on total cost ownership. This research study emphasize a methodological framework for the designers and manufacturers to provide a more realistic approach to evaluate the actual cost, warranty period and the required number of available spares during the warranty period with enhanced customer satisfaction.