QUALITY ANALYSIS – Product traceability is key in relation to product model, generation, and part numbering for sourcing and maintenance purposes, manufacturer production quality is often ranked based on analysis of various criteria adopted in manufacturing of such product categorization or class. That is why we have PREMIUM and ECONOMIC products and services. Mostly the non-certified (ECONOMIC) products may be functional, but may not attract a low insurance premium since there is no guarantee of reducing the risk of product failure, unlike the quality certified (PREMIUM) products that have been tested, certified, and has gained acceptance.
COST PERFORMANCE ANALYSIS – Cost performance analysis is a quality benchmark based on short-term and long-term costing approaches.
LONG TERM APPROACH – product life cycle costing comes in here as all possible costs are considered. This gives the best quality based on cost optimization. The following cost parameters are considered.
- The initial cost of procurement and installation of fire protection products.
- Low cost of maintenance and usage.
- Reduced cost over a long period of product life span.
- Low cost due to durability and low risk associated with failure.
- Low insurance premium due to the low probability of failure.
SHORT TERM COST APPROACH – this entails valuing the cost of procurement and installation of the fire protection service.
GM, OPERATIONS – BUSINESS DEVELOPMENT & SALES UNIT
William Nwaogu
Also Read:
